Capital gains
This query is : Resolved
10 November 2017
During the year FY 2016-17, the client has sold the residential house and earn the long term capital gain of Rs.5,00,000 in the month of July-16 . Further he has also sold the jewellery and earned the long term capital gain of Rs.2,00,000 in the month of Aug-16.
Whether the client can utilise the long term capital gain earned on sale of jewellery for purchasing of another residential property including the capital gain on sale of residential house.
If yes, under which section he can claim the benefit.
If no, which is the best alternative so that client can minimize the tax liability.
Whether the client can utilise the long term capital gain earned on sale of jewellery for purchasing of another residential property including the capital gain on sale of residential house.
If yes, under which section he can claim the benefit.
If no, which is the best alternative so that client can minimize the tax liability.
11 November 2017
The assessee can buy a residential house by availing the benefit of section 54 and
54F jointly.
54F jointly.
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13 November 2017
Thank you for your advice.
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