Exemption U/s 54
This query is : Resolved
11 January 2011
I am a student.If I sell a residential house property on 22-03-2010. It was a Long term Asset. Further I also purchase another residential property on 26-12-2010. Can I claim exemption u/s 54 for the same ? I have not yet filed my returns as i have no other sources of income. Should I have invested in Capital Account Gains Deposit in order to claim exemption
11 January 2011
Yes You can claim exemption u/s 54 of the It Act.
If you are a minor, the income will be clubbed with your one of the parent and he can claim deduction u/s 54F of the Income Tax.
If you are a minor, the income will be clubbed with your one of the parent and he can claim deduction u/s 54F of the Income Tax.
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11 January 2011
Is the investment in Capital Gains Account necessary
Guest
Guest
(Expert)
11 January 2011
You Should have invested in Capital Account Gains Deposit in order to claim exemption
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