Deduction u/s. 54 on Long Term Capital Gain
This query is : Resolved
08 September 2021
My Friend sold one flat on 11/12/2020 for Rs. 8 lacs. It was purchased 5 years back for Rs. 4 lacs.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.
08 September 2021
Yes, he is eligible as the time period is within the limit specified u/s. 54 of IT act.
Message likes :
1 times
10 September 2021
Thanks for your clarification.
22 September 2021
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
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
