Gaital gains tax
This query is : Resolved
25 April 2024
Can the exemption under sec 54 claim from the long term capital gains, for the cost of improvement done in the self occupied property
26 April 2024
As you had spent money on renovation of house, which is capital in nature, you can claim the deduction for such expenses as cost of improvement of the house while calculating income taxable under the head, 'capital gain'.
26 April 2024
Sir thanks for the quick reply, but you have misunderstood my question, that I have to house property out of which I sold one from which I am in receipt of long term capital gains, and I am residing in another one. If I spend the amount on my exixting house property, can I claim this amount from the capital gains under sec 54?
this was my question sir
please
this was my question sir
please
26 April 2024
Yes, you can claim exemption in such a case, in case of additional construction in the existing house.
02 May 2024
Clarification: Just repairs in existing HP will not be entertained u/s. 54 of IT act.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- ITR returnFY25-26
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
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
