Long term gain tax benifit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2016
my client purchased a flat in FY 2009-10 and now he want to sell of this flat after 2 or 3 year he would purchase new flat please advice me for tax liability & capital bond or capital gain saving a/c
Amol S Joglekar
(Expert)
31 October 2016
If your client wants to purchase new asset out of the capital gain arising out of such a transfer will be governed by section 54. In order to get the exemption u/s 54, your client needs to purchase new asset or construct a new asset. Please note the time frame.
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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