Capital gains exemption u/s 54
This query is : Resolved
Nailesh Kothari
(Querist)
06 July 2012
A person sells a resi flat on 5.11.2011 for Rs 25.00 lacs, cost of which is 6.19 lacs purchased in 25.8.2005.
He had entered into purchase agreement on 29.12.2009 for resi. flat under construction from a builder. The possession is received on 5.8.2011.
Whether he is eligible for exemption u/s 54 on gain on sale of property dated 5.11.2011 as though new flat purchase agreement was entered into in dec, 2009, effective possession is received in Aug, 2011
He had entered into purchase agreement on 29.12.2009 for resi. flat under construction from a builder. The possession is received on 5.8.2011.
Whether he is eligible for exemption u/s 54 on gain on sale of property dated 5.11.2011 as though new flat purchase agreement was entered into in dec, 2009, effective possession is received in Aug, 2011
09 July 2012
The date of acquisition shall be the date of possession.
Accordingly, the date of acqisition shall be 5.8.2011.
Since the property has been acquired within 1 year before the date of transfer, exemption u/s 54 is available.
Accordingly, the date of acqisition shall be 5.8.2011.
Since the property has been acquired within 1 year before the date of transfer, exemption u/s 54 is available.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Urd purchase entry in tally prime
- GSTR-9C filing
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
