Capital gain exemption u/s 54
This query is : Resolved
24 January 2014
Dear sirs
the assessee has sold a property 4 years ago, and invested the proceedds in anotherr residential project to de developed by a vwery big builder. There are many residential property to be constructed in that project. The said assess has entere int an agreement to purchase 1 property and also paid consideration for that plot..
the constrructions is not completed and handing over of possession is also not given..
my question is whether such agreement to purchase considered as investment under section 54 and will it be exempt...
pls help us soon
the assessee has sold a property 4 years ago, and invested the proceedds in anotherr residential project to de developed by a vwery big builder. There are many residential property to be constructed in that project. The said assess has entere int an agreement to purchase 1 property and also paid consideration for that plot..
the constrructions is not completed and handing over of possession is also not given..
my question is whether such agreement to purchase considered as investment under section 54 and will it be exempt...
pls help us soon
18 May 2016
WE HAVE TO PROVE TO THE AO THAT THE ENTIRE AMOUNT COVERING THE CAPITAL GAIN HAS BEEN INVESTED IN THE NEW PROPERTY WITHIN THE DUE DATE AND THAT PROPER AGREEMENT TO SELL THE BUILDING HAS BEEN ENTERED INTO ...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- DUE DATE FOR ITR FILING
- GST ISD Query on various AMCs
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Short Term Gain Reporting ITR
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
