CG EXEMPTION on sale of House property ?
This query is : Resolved
14 July 2010
my client sold 4 yrs old selfocupied housepropert in 40 lacs, indexed cost of aq 25lacs
and enters in agreement to purchase new house cost 60lacs, downpayment 6 lacs and
balance keeping in sb a/c ...
how much 54 exeption he get...entire proceed or down payment only..
for AY 10-11 as on 13.07.2010
pl guide
and enters in agreement to purchase new house cost 60lacs, downpayment 6 lacs and
balance keeping in sb a/c ...
how much 54 exeption he get...entire proceed or down payment only..
for AY 10-11 as on 13.07.2010
pl guide
Sunil Kr. Sanganeria
(Expert)
14 July 2010
If the person has kept the gain on sale of house property in Capital gain account before the due date of filing of return, he will get the deduction for whole amounr of gain
In your case, LTCG is 15 lacs out of which 6 lacs invested for purchase of new house,if he kept balnce amount of rs.9 lacs in Capital gain account he has nothing to pay as tax.
In your case, LTCG is 15 lacs out of which 6 lacs invested for purchase of new house,if he kept balnce amount of rs.9 lacs in Capital gain account he has nothing to pay as tax.
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