Capital gains
This query is : Resolved
14 May 2008
Dear friends,
I'll put forth my doubt here.Sec. 54 of IT Act is applicable w.r.t sale of a residential property and investment in another residential property.What will be the consequence if a person owning 3 flats with separate door nos. (within the same compound) sells all of them and invests in a single residential property.Also explain the wealth tax perspective of this transaction.
thanking you in advance,
srivatsan
I'll put forth my doubt here.Sec. 54 of IT Act is applicable w.r.t sale of a residential property and investment in another residential property.What will be the consequence if a person owning 3 flats with separate door nos. (within the same compound) sells all of them and invests in a single residential property.Also explain the wealth tax perspective of this transaction.
thanking you in advance,
srivatsan
15 May 2008
if all theree flats are in one compound & he living in that house then you will purchase another house for capital gain
in wealth tax u/s 2(e)(a) & Sec 5 of the same act one house or 500 sq mt land are exempted from wealth tax & in the above cases your purcasing three houses & residing in the same house only doors are different but in the same compound are not liable to wealth tax
in wealth tax u/s 2(e)(a) & Sec 5 of the same act one house or 500 sq mt land are exempted from wealth tax & in the above cases your purcasing three houses & residing in the same house only doors are different but in the same compound are not liable to wealth tax
28 May 2008
thanks sir.Sorry for the late reply.what will be the capital gains impact when the 3 properties within the same compound are sold and the consideration amount is invested in a single residential property? i'm unable to understand the wealth tax impact.pls. elaborate.
thanks in adv.
thanks in adv.
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
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank accounts of Non resident
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
