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
- GSTR9- ITC
- RCM on GTA Services
- REVENUE RECOGNITION AS PER IND AS 115
- GST 9- Table 8
- Regarding Appointment of auditor in case of casual vacancy
- Audit of F and O T/O
- How to update Transaction data in broker samco account holding after transfer shares KARVY
- For sale of shares of a private limited company, what is process cost and time for demat of shares
- Which SAC code should be ed?
- Regarding TDS not deducted on rent
- Regarding Advance ITT and Advance ICITSS
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
Trending Online Classes
CAclubindia
