Exemption under Section 54
This query is : Open
12 October 2020
Assessee sold a residential Flat-A on 09-10-2020. He had already purchased Flat-B on 11-12-2018. Can cost of Flat-B be deducted from the sale value of Flat-A for the purpose of exemption under Section 54 of Income Tax Act? Kindly help.
13 October 2020
Yes, If Flat-A is long term Capital Assets than you can take benifit of Section 54 of the income tax Act, 1961[As Purchase before 1 year]...Cost of Flat-B will be deducted from long term capital Gain on sale of Flat-B
13 October 2020
Clearly NO, because Flat B is purchased MORE THAN ONE YEAR from the date of sale of Flat A.
Message likes :
1 times
13 October 2020
Agree, Can't take benefit, as Gap is more than 1 Year.
Message likes :
1 times
17 October 2020
What is the best alternative available to reduce capital gains tax?
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
- TDS ON RENT OF RESIDENATIAL PROPERTY
- Form 121 of income tax
- 10% pre-deposit for gst appeal
- Tax on selling redeveloped resi property
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
