Income tax

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Rishabh Jain (Querist)
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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??

Gayathri Devi

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

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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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

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