Exemption on ltcg on sale of immovable property
This query is : Resolved
17 June 2013
Sir
One of my client is going to sell his Long term Capital asset , a flat, which will earn him a LTCG of Rs 10 Laks.Now for availing the exemption should he invest in Rs 10 Lakhs in new residetial Building or the full amount of sale consideration
Please clarify
Rgds
One of my client is going to sell his Long term Capital asset , a flat, which will earn him a LTCG of Rs 10 Laks.Now for availing the exemption should he invest in Rs 10 Lakhs in new residetial Building or the full amount of sale consideration
Please clarify
Rgds
17 June 2013
u./s 54 invest only capital gain amount
Message likes :
1 times
17 June 2013
No, you need to invest full sales consideration for getting 100% exemption.
You you invest less amount expmption will be received proportionatelyas follows:
LTCG X Amount Invested
-------------------- =
Sales Consideration
You you invest less amount expmption will be received proportionatelyas follows:
LTCG X Amount Invested
-------------------- =
Sales Consideration
Message likes :
1 times
Guest
Guest
(Expert)
17 June 2013
If house property is sold, and new house property is purchased.
only capital gain amount is required to be invested to claim exemption u/s 54(i.e new house property is purchase after sale of older house property)
only capital gain amount is required to be invested to claim exemption u/s 54(i.e new house property is purchase after sale of older house property)
Message likes :
1 times
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
