Capital gain under section 54

This query is : Resolved

Shujaatali Ansari (Querist)
Follow

13 June 2020 I had two houses, one is sold off and intend to purchase two houses for rental income, can I claim capital gain tax as I will possess total 3 residential houses ?

c.bakshi

c.bakshi (Expert)
Follow

13 June 2020 if you purchase two houses and sale one of your house. if profit derived out of sale of property is less than the purchasing of two house, then no capital gain liability arises subject to the condition you purchase the house on or before filing of your ITR due date.
if you purchased within 2 years of purchase and take 3 years to construct the property, then you have to deposit the money in capital gain account scheme.

Shujaatali Ansari

Shujaatali Ansari (Querist)
Follow

13 June 2020 Thank you sir.
Incase I deposit the money in capital gain scheme and I buy two houses after say 1 year but value is less then profit derived from sale of old house. Can I still invest in 54EC Bond even after lapse of 6 months?

c.bakshi

c.bakshi (Expert)
Follow

13 June 2020 YES, YOU ARE ALREADY AWARE ABOUT THE PROVISIONS. IF YOU SAVE THE MONEY IN CAPITAL GAIN ACCOUNT SCHEME, THEN YOU CAN PROCEED AND CLAIM EXEMPTION.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

divakar podaturu

SHRI HARIRAO

Dalbir Singh Wadhera

Rajesh Surapaneni

Sandeep Ranjan

Subscribe Now

Capital gain under section 54

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

Manager- Finance and Compliance

Accountant

GST CONSULTANT

CA Final