Housing property sale

This query is : Resolved

kamal goyal (Querist)
Follow

18 December 2012 Dear Sir,

Please tell me, a person Sale his housing property. how they can avail tax deduction under 54
thanks

Mohit Naithani

Mohit Naithani (Expert)
Follow

18 December 2012 YOU HAVE TO PURCAHSE NEW RESIDENCIAL HOUSE PROPERTY EITHER BEFORE ONE YEAR OR AFTER 2 YEARS FROM DATE OF SALE. U ALSO PLAN FOR CONSTRUCTION A NEW RESIDENCIAL HOUSE PROPERTY BUT CONSTRUCTION SHOULD BE COMPLETE WITHIN 3 YEARS FROM THE DATE OF SALE.

FOR ABOVE MENTION TIME PERIOD (2 YEARS OR 3 YEARS) U HAVE TO DEPOSIT CAPITAL GAIN AMOUNT WITH "CAPITAL GAIN ACCOUNT OF SBI".

EXPMTION (LEAST OF THE FOLLOWING)
1. CAPITAL GAIN,
2. COST OF ACQUSITION/CONSTRUCION OF NEW PROP.

kamal goyal

kamal goyal (Querist)
Follow

18 December 2012 Thanks................

aadish

aadish (Expert)
Follow

18 December 2012 A person can purchase another residential property 1 year before, 2 year after the sale of house property or construct house property within 3 years of sale od house property. property should be residential, or u can invest upto 50 lacs in REC bonds or NHAI bonds...and exemption available will be capital gains on transfer of residential land or investment whichever is lower

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now