CAPITAL GAIN TAX
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2011
I BOUGHT A PLOT IN MAY2008 AND CONSTR A HOUSE (COMPLETION MAY2011). I WISH TO SELL AND I ALSO HAVE ANOTHER RESIDENTIAL ACCN APART FROM THE NEW HOUSE. MY Q ARE: (A)CAN I TREAT INCR IN COST OF LAND AS LTCG AND CONTR HOUSE ON IT AS STCG BY DRAWING AGREEMENT MENTIONING LAND AND HOUSE COST SEPARATELY?(B)CAN I AVAIL SEC54F BY BUYING ANOTHER HOUSE COSTING MORE THAN SALE PRICE OF LAND?
12 July 2011
A)CAN I TREAT INCR IN COST OF LAND AS LTCG AND CONTR HOUSE ON IT AS STCG BY DRAWING AGREEMENT MENTIONING LAND AND HOUSE COST SEPARATELY?(
Definitely , you can do so.
Definitely , you can do so.
12 July 2011
B)CAN I AVAIL SEC50 BY BUYING ANOTHER HOUSE COSTING MORE THAN SALE PRICE OF LAND?
Reply - Correct Section is Section 54F.
You can do so.
Reply - Correct Section is Section 54F.
You can do so.
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