Capital gain exemption u/s54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2011
Respectede sir
can you tell me about exemption taken under section 54f on purchases of the land on which house is constructed in future. say shop sold by rs. 20 lacs and land purchse by rs. 18 lacs but balance amount not deposited in to capital gain account before filing the return and therafter actually house is constructed on that land. how i will proove and get the benefit of exemption in capital gain tax. as that year case in scrutiny, please guide me, thanx in advance
can you tell me about exemption taken under section 54f on purchases of the land on which house is constructed in future. say shop sold by rs. 20 lacs and land purchse by rs. 18 lacs but balance amount not deposited in to capital gain account before filing the return and therafter actually house is constructed on that land. how i will proove and get the benefit of exemption in capital gain tax. as that year case in scrutiny, please guide me, thanx in advance
12 August 2011
shop sold for 20 lacs and land taken for 18 lacs, here the whole 20 lacs is not capital gain but from it you have to deduct the indexed cost of acquisition.
when the house is "started to construct" you have obtained the permission of local municipal authority, and there is specifically mentioned "to be completed within............" this is a valid document of construction subject to physical verification of property.
when the house is "started to construct" you have obtained the permission of local municipal authority, and there is specifically mentioned "to be completed within............" this is a valid document of construction subject to physical verification of property.
13 August 2011
hi, you are not eligible to claim exemption u/s 54f because this section clearly indicates that before filling of return you have to invest gain amount in capital gain scheme, here you are failed to put in the scheme.so whole capital gain will be chargeable to tax. here you cant prove it.
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- LIC maturity claim whether taxable
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
