Capital Gains
This query is : Resolved
29 March 2011
Hi!
I have recently sold an ancestral property, to save on tax i heard that i have to invest in an residential property within a year, the issue is that i already own an residential property in maharashtra in my name,
the question is can i purchase a residential property in another state of india and save on tax
thanks in advance
I have recently sold an ancestral property, to save on tax i heard that i have to invest in an residential property within a year, the issue is that i already own an residential property in maharashtra in my name,
the question is can i purchase a residential property in another state of india and save on tax
thanks in advance
CA. Lohith Jagadeesh
(Expert)
29 March 2011
Hi,
You could claim the benefit of Sec 54.
The condition in Sec 54 apart from others is that, there should be a sale of Residential HP & a purchase of Residential HP.
As long as the Residential HP which you sold is in your name ( whether aquired or purchased by self )you could claim the benefit.
There is no conditions unlike Sec 54F.
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons.
You could claim the benefit of Sec 54.
The condition in Sec 54 apart from others is that, there should be a sale of Residential HP & a purchase of Residential HP.
As long as the Residential HP which you sold is in your name ( whether aquired or purchased by self )you could claim the benefit.
There is no conditions unlike Sec 54F.
Thank you,
Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons.
CA.ViVeK M ACA
(Expert)
30 March 2011
You can invest the same in bond also ..you can still invest in residential property and claim deduction
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