Long term capital gains on residential property
This query is : Resolved
22 July 2012
I built an independant house on a 2687 Sq Ft land (settled in my favour by my father in 1979) out of loan availed from my employer Indian Bank. The total amount spent was around Rs.6 lakhs availed in various periods and the present Indexed cost of acquisition comes to Rs.18 lakhs.
Now I have sold 2000/2687 Sq Ft undivided share of land to a builder who is going to demolish the building and construct flats for a consideration of 1 flat measuring 1200 Sq Ft and cash compensation of Rs.85 lakhs. If I invest in another property for Rs.75 lakhs out of the sale compensation of 85 lakhs, will I get Long Term Capital gain exemption.
Now I have sold 2000/2687 Sq Ft undivided share of land to a builder who is going to demolish the building and construct flats for a consideration of 1 flat measuring 1200 Sq Ft and cash compensation of Rs.85 lakhs. If I invest in another property for Rs.75 lakhs out of the sale compensation of 85 lakhs, will I get Long Term Capital gain exemption.
31 July 2012
if you sale/ develope land along with bungalow, you will get exemption u/s54. But if you sale only the land ( or proportionate FSI)you will get the 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 on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Multiple trade mark
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
