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.
Message likes :
1 times
13 November 2017
Thank you for your advice.
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
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Salary from Qatar in Dollars in India
- GST ISSUE OF INPUT AND OUTPUT GST
- Tax rate change regarding
- Change Of Karta In Case of Death
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
