Capital Gain in selling of land.
This query is : Resolved
16 July 2023
Sir,
I have 2 quires
1. A Taxpayer Sold a land in FY 2022-23. He Purchased a Flat with year after sold property (Land) more than sold land value. Any exemption in capital gain this condition and which section 54 or 54F or any other section.
2. A Taxpayer Add one additional floor in his existing residential house during Aug-Sep 2022. He sold another land in Mar 2023. Any exemption in capital gain in this condition. If Yes in which section 54 or section 54F or any other section.
I have 2 quires
1. A Taxpayer Sold a land in FY 2022-23. He Purchased a Flat with year after sold property (Land) more than sold land value. Any exemption in capital gain this condition and which section 54 or 54F or any other section.
2. A Taxpayer Add one additional floor in his existing residential house during Aug-Sep 2022. He sold another land in Mar 2023. Any exemption in capital gain in this condition. If Yes in which section 54 or section 54F or any other section.
16 July 2023
1. Available. Sec. 54F IT act.
2. Not available.
2. Not available.
16 July 2023
Thanks Rambhia Sir, In my Query 2. Taxpayer invest in his residential property before the period of one year of land sold. In this condition, is taxpayer not eligible to take exemption under section 54/54F?
16 July 2023
The exemption is not available for any addition/alteration of existing house.
18 July 2023
Thanks Rambhia Sir, Plz resolve one more query related above,
1. If within 1 year before period he purchased already constructed residential house from third party and he have sale deed .
2. He constructed a new residential house within 1 year before period.
In above condition any exemption and which section 54 or 54F or any other.
1. If within 1 year before period he purchased already constructed residential house from third party and he have sale deed .
2. He constructed a new residential house within 1 year before period.
In above condition any exemption and which section 54 or 54F or any other.
18 July 2023
1. Sec 54 IT act is applicable when claiming exemption against LTCG arising out of selling any House Property.
2. While Sec. 54F is applicable when claiming exemption against LTCG arising out of sell/transfer of any other asset.
3. Sec. 54 IT act doesn't bar even if house was procured or constructed within one year before sell of House property.
4. But Sec. 54F restricts it to purchase of new house property one year before sell of LT asset, but not if any construction made before its sale.
2. While Sec. 54F is applicable when claiming exemption against LTCG arising out of sell/transfer of any other asset.
3. Sec. 54 IT act doesn't bar even if house was procured or constructed within one year before sell of House property.
4. But Sec. 54F restricts it to purchase of new house property one year before sell of LT asset, but not if any construction made before its sale.
26 July 2023
Thanks Rambhia Sir,
27 July 2023
You are welcome.
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
- Loss of interest in PF transfer from EPFO to Trust
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on rent received on hardship compensation being rent on redevelopment of building
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- 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
