banner_ad

Income tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
17 November 2012 Mr. A sold one Residential house on 01/09/2010 for Rs.50lacs and ICOA was Rs.10lacs. On 28/02/2011 he purchased another house for Rs.40lacs, for which exemption u/s 54 was availed against the long term capital gain on house sold on 01/09/2010.
Mr. A sold gold on 01/09/2011 for Rs.5las and ICOA was Rs.1lacs. On 28/02/2012 he purchased one residential house for Rs.4lacs.
Is Mr. A eligible to avail exemption u/s 54F for the house purchased on 31/01/2012??
Profile Image

Gayathri Devi

Profile Image

Gayathri Devi (Expert)
17 November 2012 Yes he is eligible to claim deduction u/s 54 F. Kindly say me the abrevation of ICOA
Profile Image

CA Dileep Surya Kumar

Profile Image

CA Dileep Surya Kumar (Expert)
17 November 2012 Yes he can claim full deduction ,Total capital has been invested in new residential property provided he should not own more than one residential House property on the date of transfer excluding the new house property on that is claiming 54F deduction.

ICOA- Indexed Cost of Acquisition
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details