LONG TERM CAPITAL GAIN EXEMPTION
This query is : Open
21 July 2011
Please resolve the following issue:
Mr. A sold is having two residential house properties. One House he sold on 30.04.2008 with a capital gain of Rs.32.50 Lakhs and the same was deposited in Capital Gains Deposit Scheme and got exemption.
By withdrawing the Deposit amount of Rs.32.50 Lakhs, he purchased another House property on 25.03.2010 with a cost of Rs.57 Lakhs.
Again, he sold out his vacant lands on 08.11.2010 with a LTCG of Rs.14 Lakhs. Can he claim exemption u/s.54 as he purchased a House on 25.03.2010 which is woth Rs.57 Lakhs against the CGDeposit withdrawl of Rs.32.50 Lakhs or NOT!
If not, can he buy another House property worth Rs.14 Lakhs or above to claim exemption u/s.54
Please clarify.
thanks & regards
RK, gudivada
Mr. A sold is having two residential house properties. One House he sold on 30.04.2008 with a capital gain of Rs.32.50 Lakhs and the same was deposited in Capital Gains Deposit Scheme and got exemption.
By withdrawing the Deposit amount of Rs.32.50 Lakhs, he purchased another House property on 25.03.2010 with a cost of Rs.57 Lakhs.
Again, he sold out his vacant lands on 08.11.2010 with a LTCG of Rs.14 Lakhs. Can he claim exemption u/s.54 as he purchased a House on 25.03.2010 which is woth Rs.57 Lakhs against the CGDeposit withdrawl of Rs.32.50 Lakhs or NOT!
If not, can he buy another House property worth Rs.14 Lakhs or above to claim exemption u/s.54
Please clarify.
thanks & regards
RK, gudivada
21 July 2011
He can buy a residential House against sale of agriculture land and can avail exemption U/s 54F.
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 194-T applicability
- Tds on commission charges
- GST ITC REVERSE
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Fixe term employment
- Withdrawal in cash from partners capital account by partner
- Consolidated financials
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Renovation exp. in flat by family member
- Starting trading business
- Need Professional Opinion AY 2012-13 Old Demand
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
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
Quick Links
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
