Exemption u/s 54 and sec 54f simultaneously
This query is : Resolved
07 July 2012
I sold a House property in 2009-10 Rs 200000 and claim exemption u/s 54 by investing 500000 in Residential House property
now in next year 2010-11 i sold a land and want to claim exemption u/s 54f with the excess amount I invested in house property i.e 300000 (2009-10), can i claim exemption in this case.
Please reply
now in next year 2010-11 i sold a land and want to claim exemption u/s 54f with the excess amount I invested in house property i.e 300000 (2009-10), can i claim exemption in this case.
Please reply
08 July 2012
When you have sold the house for 200000/- , you have to claim exemption to the extent of capital gains and not the entire sale consideration.
.
Assuming that Rs. 200000/- is not sales consideration, but capital gains.
.
You can utilise Balance Rs. 300000/ towards claiming exemption (on the proportionate basis of capital Gains to sales consideration).
.
Assuming that Rs. 200000/- is not sales consideration, but capital gains.
.
You can utilise Balance Rs. 300000/ towards claiming exemption (on the proportionate basis of capital Gains to sales consideration).
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