Capital gains
This query is : Resolved
10 December 2014
ONE HOUSE PROPERTY IS ALREADY SOLD IN JAN 2014
ONE MORE WILL BE SOLD IN DEC 2014
CAPITAL GAINS FROM SALE OF FIRST PROPERTY PARKED IN CAPITAL GAINS ACCOUNT SCHEME
NOW AGAINST THESE TWO SALES PROPOSE TO INVEST IN ONE RESIDENTIAL PROPERTY
THE COST OF NEW PROPERTY WILL BE MORE THAN THE CAPITAL GAINS FROM SALE OF ABOVE 2 PROPERTIES
THE AGREEMENT AND REGN FOR NEW PROPERTY WILL BE IN DEC 2015, THE POSSESSION AND FINAL PAYMENT WILL BE BY DEC 2016.
THE AMT PAID BEFORE REGN WILL BE MORE THAN THE CAPITAL GAINS
WILL THIS ARRANGEMENT BE ELIGIBLE FOR DEDUCTION u/s 54 ?
ONE MORE WILL BE SOLD IN DEC 2014
CAPITAL GAINS FROM SALE OF FIRST PROPERTY PARKED IN CAPITAL GAINS ACCOUNT SCHEME
NOW AGAINST THESE TWO SALES PROPOSE TO INVEST IN ONE RESIDENTIAL PROPERTY
THE COST OF NEW PROPERTY WILL BE MORE THAN THE CAPITAL GAINS FROM SALE OF ABOVE 2 PROPERTIES
THE AGREEMENT AND REGN FOR NEW PROPERTY WILL BE IN DEC 2015, THE POSSESSION AND FINAL PAYMENT WILL BE BY DEC 2016.
THE AMT PAID BEFORE REGN WILL BE MORE THAN THE CAPITAL GAINS
WILL THIS ARRANGEMENT BE ELIGIBLE FOR DEDUCTION u/s 54 ?
11 December 2014
if full capital gain is ultilised to buy new property then yes
12 December 2014
BUT POSSESSION AND FINAL PAYMENT WILL BE AFTER 2 YEARS FROM SALE OF FIRST PROPERTY
12 December 2014
then you cannot get the benefit as the time limit is 2 years from sale of 1st property to save capital gain taxes.
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