Capital gain tax exemption under section 54f
This query is : Resolved
JERRY JOHN
(Querist)
08 January 2019
Made agreement with a builder for purchase of flat in 2014 with an initial payment. 80% of purchase price was paid from own source. Its registration was completed in 28/03/2017 with full and final payment.
In 20/01/2017, I sold a land with long term capital gain. In order to avoid payment of capital gain tax from sale of land, can we claim exemption under section 54F as registration of new investment was made after sale of land even though payment of the flat was made from own source.
Request guidance on this.
In 20/01/2017, I sold a land with long term capital gain. In order to avoid payment of capital gain tax from sale of land, can we claim exemption under section 54F as registration of new investment was made after sale of land even though payment of the flat was made from own source.
Request guidance on this.
09 January 2019
Reinvestment from own source is eligible for 54F. Inference - CIT Vs. R. Srinivasan (2010) 45 DTR 208 (Mad).
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
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Wrong CMPo8 file
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
