Capital gain exemption on sale of house property u/s 54 / 54

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yogesh vijaykumar shah (Querist)

05 June 2016 I have sold the house property situated in india of Rs. 56 lacs during the financial year 2015-16 i.e. Dec, 2015. The same was acquired in the year 2008-09. The expenses incurred on sale of this property comes to Rs. 55000. I have made registration for new house during the month July 2015 and paid towards Registration and stamp duty payment of Rs. 6 lacs and also paid total payment up to May 2016 of Rs. 24 lacs as advance f towards construction of house property which will be completed up to Oct, 2018. In this connection, I have following queries : 1. While calculating capital gain, can I avail exemption u/s 54F during the assessment year 2016-17 assuming the full capital gain invested before filing Return of income for A Y 2016-17 and I am owning more that one house other than new house as on the date of transfer. Kindly advise with provision of tax law . .

Amol S Joglekar

Amol S Joglekar (Expert)

05 June 2016 Can you give the cost of acquisition of the said property in 2008-09, so that capital gain can be worked out

Amol S Joglekar

Amol S Joglekar (Expert)

05 June 2016 also note 54F is for the gain arising out of any long term capital asset OTHER THAN RESIDENTIAL HOUSE

yogesh vijaykumar shah

yogesh vijaykumar shah (Querist)

05 June 2016 Cost of acquisition in the year 2008-09 RS .8,50,000/-.

Amol S Joglekar

Amol S Joglekar (Expert)

06 June 2016 As per the figures supplied by you, the capital gain works out to be 39,66,000.
You have made the investment 24+6= 30,00,000 in new asset.
The balance i.e. 39,66,000-30,00,000 = 9,66,000, you need to deposit in capital gain account (available with nationalised bank) before due date of your return. And then you can claim the exemption u/s 54.

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