Claiming exemption from capital gains under section 54f
This query is : Resolved
CA Aagam Shah
(Querist)
23 August 2016
Please guide whether exemption from capital gain u/s 54F is available ?
Asset sold - Urban Land
Sale transfer deed date - 07.05.2016
Sale consideration received in advance on various dates as under:
12.08.2014 - 5,80,000
02.09.2014 - 7,00,000
02.03.2015 - 17,70,400
Asset purchased - Residential House
Purchase transfer date - 10.03.2015
Purchase consideration paid as under:
28.02.2015 - 19,00,000
10.03.2015 - 5,53,000
Kindly guide regarding which dates to be considered for exemption conditions under section 54F i.e. sale and purchase transfer document date or advances received and paid for sale and purchase of assets respectively ?
Asset sold - Urban Land
Sale transfer deed date - 07.05.2016
Sale consideration received in advance on various dates as under:
12.08.2014 - 5,80,000
02.09.2014 - 7,00,000
02.03.2015 - 17,70,400
Asset purchased - Residential House
Purchase transfer date - 10.03.2015
Purchase consideration paid as under:
28.02.2015 - 19,00,000
10.03.2015 - 5,53,000
Kindly guide regarding which dates to be considered for exemption conditions under section 54F i.e. sale and purchase transfer document date or advances received and paid for sale and purchase of assets respectively ?
Amol S Joglekar
(Expert)
23 August 2016
you can take the dates of deed as the transfer dates.
CA Aagam Shah
(Querist)
23 August 2016
Please guide what actually is permissible in section. Which dates are to be considered for claiming exemption under section 54F .
Amol S Joglekar
(Expert)
24 August 2016
Date of TRANSFER....... to be considered.
CA Aagam Shah
(Querist)
24 August 2016
Thank you Sir.
Amol S Joglekar
(Expert)
24 August 2016
you are most welcome.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- 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
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
