Capital gains
This query is : Resolved
10 March 2016
I bought a property in 2003 and constructed a house on it in 2004. Total cost incurred was Rs 30 labs. I sold this property in 2015 for Rs 1.45cr and purchased another residential property for Rs 1.26 cr (including stamp duty).I have two other residential properties my name. Can I claim exemption from Capital gains ?
10 March 2016
Dear
You can claim deduction under section 54, as there is no condition that the assessee should not have any house at the time of purcahse of new house.
Budget 2014 has introduced an amendment to Section 54 and from Financial Year 2014-15 i.e. Assessment Year 2015-16, exemption under Section 54 is available if the amount is re-invested in 1 Residential House situated in India.
You can claim deduction under section 54, as there is no condition that the assessee should not have any house at the time of purcahse of new house.
Budget 2014 has introduced an amendment to Section 54 and from Financial Year 2014-15 i.e. Assessment Year 2015-16, exemption under Section 54 is available if the amount is re-invested in 1 Residential House situated in India.
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10 March 2016
I am told that exemption is available only if there is no other house in my name. Do I understand that this has been amended in 2014?
10 March 2016
How can i calculate the balance amount to be shownunder capital gains and how can it be invested to reduce the tax liability
10 March 2016
My above query may please be addressed
10 March 2016
Dear
Under section 54 there is no condition that you should not have any house
This condition is under section 54f.
Also section 54 exempts the capital gain invested.
Since you invested 1.26 cr the amount us greater than capital gain your whole capital gain is exempted.
Under section 54 there is no condition that you should not have any house
This condition is under section 54f.
Also section 54 exempts the capital gain invested.
Since you invested 1.26 cr the amount us greater than capital gain your whole capital gain is exempted.
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10 March 2016
What does section red deal with?
10 March 2016
What does section 54f deal with? Does it impinge on me in any way?
10 March 2016
Dear
either yo can claim deduction under section 54 or 54F.
its optional.
either yo can claim deduction under section 54 or 54F.
its optional.
11 March 2016
Do i have to pay wealth tax on my properties and recent transaction
11 March 2016
dear
wealth tax is no more in existence it has been abolished.
wealth tax is no more in existence it has been abolished.
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