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CAPITAL GAIN TAX

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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?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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