Capital gains
This query is : Resolved
ABDUL VAJEED
(Querist)
08 September 2011
HI ALL,
ONE OF MY CLIENTS SOLD A COMMERCIAL PROPERTY FOR 5 CR, AND HIS COA COMES TO 4 CR, HIS CAPITAL GAIN IS 1 CR,
NOW HE IS PLANNING TO INVEST 80LACS IN A RESI HOUSE, SO IS WHAT CAN BE THE EXEMPTION AMOUNT ? CAN I GO AS PER 54F
URGENT
ONE OF MY CLIENTS SOLD A COMMERCIAL PROPERTY FOR 5 CR, AND HIS COA COMES TO 4 CR, HIS CAPITAL GAIN IS 1 CR,
NOW HE IS PLANNING TO INVEST 80LACS IN A RESI HOUSE, SO IS WHAT CAN BE THE EXEMPTION AMOUNT ? CAN I GO AS PER 54F
URGENT
Hari Beldona
(Expert)
08 September 2011
Section 54F- Any asset other than residential house held for more than 36 months should not own more than one house on the date of transfer, he can invest in residential House (not houses). Net consideration is to be invested.
If any gain is there it is taxable as below:
Capital Gain x Amount invested/Net consideration.
Yes you can go as per section 54F
If any gain is there it is taxable as below:
Capital Gain x Amount invested/Net consideration.
Yes you can go as per section 54F
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