Capital Gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2011
I bought a villa plot in a gated community in Sep 2005.
Also entered into a construction agreement as part of the sale deed.
Sold it for a profit without constructing any house in Dec 2010 but assigned the construction agreement to the new buyer.
With the proceeds I bought a new house in Dec 2010.
Am I eligible to claim LTCG unders section 54 if I have already two houses in my name other than the newly bought one?
Thanks in advance,
Also entered into a construction agreement as part of the sale deed.
Sold it for a profit without constructing any house in Dec 2010 but assigned the construction agreement to the new buyer.
With the proceeds I bought a new house in Dec 2010.
Am I eligible to claim LTCG unders section 54 if I have already two houses in my name other than the newly bought one?
Thanks in advance,
CA MANOJ GUPTA
(Expert)
06 June 2011
WHAT U HAVE SOLD IS A PLOT SO U WILL NOT BE ELIGIBLE FOR ANY EXEMPTION UNDER SECTION 54
SINCE U OWN MORE THAN ONE HOUSE HENCE U WILL NOT BE ELIGIBLE FOR EXEMPTION UNDER SECTION 54F
U CAN CLAIM EXEMPTION UNDER SECTION 54EC IF U INVEST NOT MPORE THAN 50 LAKHS IN THE BONDS NOTIFIED THEREUNDER
CA MANOJ GUPTA
JODHPUR
09828510543
SINCE U OWN MORE THAN ONE HOUSE HENCE U WILL NOT BE ELIGIBLE FOR EXEMPTION UNDER SECTION 54F
U CAN CLAIM EXEMPTION UNDER SECTION 54EC IF U INVEST NOT MPORE THAN 50 LAKHS IN THE BONDS NOTIFIED THEREUNDER
CA MANOJ GUPTA
JODHPUR
09828510543
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