Exemption u/s 54 e of the act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 October 2013
My client has disposed a land in
March,2013 for a sale consideration of
Rs.7 lakhs and the Long Term capital
gains arising out of this transaction
amounts to Rs.5 lakhs.He did not own any
house property in his name.
In Aril,2013,he entered into an
agreement with a proposed vendor of a
house building and paid an agreed price
of Rs.6 lakhs.He took possession of the
said property and is being enjoyed.
The said house building was
registered only in the first week of
October,2013,say,after the due date of
filing his Return of Income.(July,2013)
Can the assessee claim an exemption
of long term capital gains u/s 54E of the
Act for the asst.year 2013-2014?. Can he
take the advantage of 'TRANSFER" within
the meaning of Section 2(47)(V) read with
Explanation 2 of the Act and claim
exemption? since there is a delay in
registration.Please clarify.
My client has disposed a land in
March,2013 for a sale consideration of
Rs.7 lakhs and the Long Term capital
gains arising out of this transaction
amounts to Rs.5 lakhs.He did not own any
house property in his name.
In Aril,2013,he entered into an
agreement with a proposed vendor of a
house building and paid an agreed price
of Rs.6 lakhs.He took possession of the
said property and is being enjoyed.
The said house building was
registered only in the first week of
October,2013,say,after the due date of
filing his Return of Income.(July,2013)
Can the assessee claim an exemption
of long term capital gains u/s 54E of the
Act for the asst.year 2013-2014?. Can he
take the advantage of 'TRANSFER" within
the meaning of Section 2(47)(V) read with
Explanation 2 of the Act and claim
exemption? since there is a delay in
registration.Please clarify.
22 October 2013
already answered elsewhere.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
