Capital gains related to exemption u/s 54 or 54 f
This query is : Resolved
04 March 2012
NET CONSIDERATION HERE IS FULL VALUE OF CONSIDERATION
THE ASSESSEE POSSESS ALREADY ONE HOUSE PROPERTY AND ALSO ONE PLOT. NOW IN F.Y 2011-12, HE SOLD PLOT DUE TO FULFILL SOME PERSONAL DUTIES. NOW HE WANT TO AVOID CAPITAL GAINS TAX. HOW TO AVOID HE GOT NET CONSIDERATION 10 LAKHS AND CAPITAL GAINS AFTER INDEXATION 550000 @ 20% TAX =1.28 LAKHS
SO KINDLY GIVE SUGGESTIONS
OPTION 1: ANY NEW LAND PURCHASED AND CONSTRUCT THEREON(ONLY PART INVESTMENT) FROM NET CONSIDERATION CAN CLAIM
OPTION 2: EXISITING HOUSE CONSTRUCTION FOR 1ST FLOOR CAN CLAIM EXEMPTION
OR ANY OTHER OPTION
THE ASSESSEE POSSESS ALREADY ONE HOUSE PROPERTY AND ALSO ONE PLOT. NOW IN F.Y 2011-12, HE SOLD PLOT DUE TO FULFILL SOME PERSONAL DUTIES. NOW HE WANT TO AVOID CAPITAL GAINS TAX. HOW TO AVOID HE GOT NET CONSIDERATION 10 LAKHS AND CAPITAL GAINS AFTER INDEXATION 550000 @ 20% TAX =1.28 LAKHS
SO KINDLY GIVE SUGGESTIONS
OPTION 1: ANY NEW LAND PURCHASED AND CONSTRUCT THEREON(ONLY PART INVESTMENT) FROM NET CONSIDERATION CAN CLAIM
OPTION 2: EXISITING HOUSE CONSTRUCTION FOR 1ST FLOOR CAN CLAIM EXEMPTION
OR ANY OTHER OPTION
CA PARAS BAFNA
(Expert)
04 March 2012
PLEASE REFER THE REPLY IN THE QUERY OF ANONYMOUS AUTHOR.
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