Capital gain issue
This query is : Resolved
02 January 2015
MY RELATIVE HAS PAID 1CR TOWARDS A PROPERTY PURCHASE IN 2011 TOTAL PURCHASE VALVE IS 4.5CR WHICH IS TO BE PAID LATER . HE HAS RECEIVED A LETTER OF ALLOTMENT FOR THE PROPERTY...NOW IN 2013-14 HE HAS SOLD A FLAT AMOUNTING TO 2.5 CR AND WANTS TO KNOW WHETHER IF HE CAN PAY THE BALANCE OF 4.5CR -1 CR = 3.5CR FROM THIS SALE PROCEEDS OF 2.5 CR FLAT AND CLAIM EXEMPTION U/S 54/54F...PLEASE HELP AND COMMENT ..ALSO TRY TO SITE SOME CASE LAWS OR CIRCULARS IF POSSIBLE
02 January 2015
one year before or 2 years after.....is the time limit for BOUGHT out properties.
He can very well pay the amount and claim the exemption.
Be careful of " one year before OR 2 years after"
He can very well pay the amount and claim the exemption.
Be careful of " one year before OR 2 years after"
05 January 2015
IF HE PAYS TO THE BUILDER FROM 2.5 CR OF SALE PROCEED WITHIN 2YEAR BUT THE BUILDING IS NOT MADE IN THIS 2 YEARS THEN TO HE CAN CLAIM THE EXEMPTION OR NO??
06 January 2015
No.
The building should get completed within that period of 2 years after......
That is why one has to be very careful in selecting the builder
The building should get completed within that period of 2 years after......
That is why one has to be very careful in selecting the builder
06 January 2015
Thank you for your reply ...
06 January 2015
you are most welcome.
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