Capital gain under section 54f
This query is : Resolved
03 March 2015
Thank You Experts and Other CCI friends for giving your suggestions and for helping me out in my previous Queries. This time i need all your help for solving a case regarding Capital Gains Tax
Case : An assesee has transfered 600 Sq.Yards out of his 900Sq.Yards to his brother and 145 Sq.yards to his mother and remaining balance was under his possession.This "Trio" has given the entire 900Sq.Yards to a developer for Construction.As,a consideration the developer was given 50% of Land.In 1994
Land was Purchased for 3,00,000/-
Capital Gain Tax : In recent days,assessee has recieved a notice from IT Department stating the assessee to Pay Capital Gain Tax on 50% Land,which was transfered to Developer.
My View : I was thinking to Claim deduction under section 54F for Construction of Residential Property,since Developer has constructed 50% of the assessees Share.Can we Claim deduction in that Way,is that acceptable?If not Please Help Me!!!!
Case : An assesee has transfered 600 Sq.Yards out of his 900Sq.Yards to his brother and 145 Sq.yards to his mother and remaining balance was under his possession.This "Trio" has given the entire 900Sq.Yards to a developer for Construction.As,a consideration the developer was given 50% of Land.In 1994
Land was Purchased for 3,00,000/-
Capital Gain Tax : In recent days,assessee has recieved a notice from IT Department stating the assessee to Pay Capital Gain Tax on 50% Land,which was transfered to Developer.
My View : I was thinking to Claim deduction under section 54F for Construction of Residential Property,since Developer has constructed 50% of the assessees Share.Can we Claim deduction in that Way,is that acceptable?If not Please Help Me!!!!
03 March 2015
Deduction u/s 54F can be claimed as 50% land is given in consideration of construction of residential property.
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