Long term capital gains tax
This query is : Resolved
09 September 2018
I own two properties, viz., one residential flat and one residential plot of land. While I reside in the residential flat. I want to sell away the residential plot of land and reinvest the entire sale proceeds to buy another residential flat in my name. Whether, I am entitled to claim full exemption for Long Term Capital Gains Tax on the transaction?
The condition for benefit under Sec 54F will not be applicable in case the Tax Payee "owns more than one residential house, other than the new asset, on the date of transfer of the original asset". I need a clarification whether in my case, I will be eligible to claim exemption from LTCGTax under Sec 54F or not? I request for a clarification regarding my doubt in the instant case.
The condition for benefit under Sec 54F will not be applicable in case the Tax Payee "owns more than one residential house, other than the new asset, on the date of transfer of the original asset". I need a clarification whether in my case, I will be eligible to claim exemption from LTCGTax under Sec 54F or not? I request for a clarification regarding my doubt in the instant case.
CA R SEETHARAMAN
(Expert)
10 September 2018
You are eligible for 54F exemption as you already own only one house.
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
