Long term capital Gains - Exemption U/s 54F
This query is : Resolved
13 August 2009
will there be an exemption U/s 54F on purchase of a vacant land (in a residential area)?
if not, should we construct a building (say 1 room on a site of 50'x 80')and for the purposes of exemption will they consider the cost of the land or only the building cost or both?
please help
if not, should we construct a building (say 1 room on a site of 50'x 80')and for the purposes of exemption will they consider the cost of the land or only the building cost or both?
please help
13 August 2009
1st part of query:-
Cost of land is an integral part of the cost of the residential house whether purchased or constrcted. Ref:- CBDT Circular 667 dated 18/10/1993.
2nd part of the query:-
If u do so exemption will be denied since it will defeat the intention of the exemption.
Cost of land is an integral part of the cost of the residential house whether purchased or constrcted. Ref:- CBDT Circular 667 dated 18/10/1993.
2nd part of the query:-
If u do so exemption will be denied since it will defeat the intention of the exemption.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
CAclubindia
