Long term capital gain tax
This query is : Resolved
Prashant Sawant
(Querist)
09 April 2016
Hi...
My friend recently entered into an agreement where in he sold his land with developed structure to a buyer from whom he bought his residential property. The subject transaction executed through registered deed of exchange. Now my client has long term capital gain from the sale of his asset.So can he show the long term capital gain re-invested invested in newly bought housing property under section 54 and do not pay any capital gain tax.
Please assist.
Prashant
My friend recently entered into an agreement where in he sold his land with developed structure to a buyer from whom he bought his residential property. The subject transaction executed through registered deed of exchange. Now my client has long term capital gain from the sale of his asset.So can he show the long term capital gain re-invested invested in newly bought housing property under section 54 and do not pay any capital gain tax.
Please assist.
Prashant
Amol S Joglekar
(Expert)
09 April 2016
Yes. Quite possible. No issues.
(A small query : Why are using the word "land with developed structure?")
See the point is the nature of Capital Asset sold will decide whether or not sections 54 or 54F is to be made applicable)
(A small query : Why are using the word "land with developed structure?")
See the point is the nature of Capital Asset sold will decide whether or not sections 54 or 54F is to be made applicable)
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