Capital gains
This query is : Resolved
15 September 2012
can exemption u/s 54 & 54F be taken on purchase of single property ?
If yes/ No, is there any case law in this respect
If yes/ No, is there any case law in this respect
15 September 2012
No. There need not be any case law in this. The sections are crystal clear. 54 is for long term capital gain arising out of sale of immovable property being residential property. 54F is for "not being a residential house"
16 September 2012
Agree with the expert.
17 September 2012
Sir I am talking about the purchase of new property.
If I have LTCG from the sale of residential property and sale of any asset other than residential property and if I purchase 1 Property than can i take exemption u/s 54 & 54F both for that 1 property purchased ?
If I have LTCG from the sale of residential property and sale of any asset other than residential property and if I purchase 1 Property than can i take exemption u/s 54 & 54F both for that 1 property purchased ?
17 September 2012
Can you have an APPLE and eat it too? The exemption claimed u/s 54 can not be again claimed u/s 54F. (Since you are stretching the imagination too far,..... if 54 LTCG has occured first, then 54F LTCG AND some portion of the value of new flat is left un availed for exemption, then you can have your view come true)
17 September 2012
ok thanks the bracket portion was I really wanted to know.
Is there any case law in this regard ?
Is there any case law in this regard ?
17 September 2012
No case law required. The bracketed portion has LOT of read through / between the lines. Please chaeck those dates. The 54F exemption is available if and only if the assessee DOES NOT own any other house as on the date of TRANSFER. Please go through the entire exercise with a cool and level headedness. Best of luck.
17 September 2012
ok Thanks a ton
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- LIABILITY ADJUSTMENT
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- NRI INSURANCE ADVISOR
- ITR-3 File/Error Found
- Due Date Clarity
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
