LONG TERM CAPITAL GAIN EXEMPTION

This query is : Resolved

PLV SUBRAHMANYAM (Querist)
Follow

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
LV

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

22 July 2011 You see that the provision of various sections restrict exemption to only one houe. Since your client is having 2 houses he cannot claim any deduction u/s 54F.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

K.M. AGGARWAL

C G K MURTHY

Ishwar Radhakisan Tawani

Vinod Dharwarkar

manojkumarkk

Subscribe Now

LONG TERM CAPITAL GAIN EXEMPTION

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

Accountant

Article Assistant

GST CONSULTANT

GST CONSULTANCY