Ltcg and sec 54, 54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2013
1. Can benefit of 54 and 54F be taken in construction of same residential house for LTCG arising out of sale of 2 properties - one residential house and another plot of land?
2. Can money paid to builder prior to sale of land on which LTCG arises, be considered as applied for construction against net realisation of sale of land for purpose of section 54F? Or is it to be ignored?
3. What happens if builder does not give possession with in 3 years of date when LTCG arose? More than 50% amount has already been paid for, and further sums will be paid till 3 years are over. Will this be accepted as substantial payment already made or will the assessee lose the benefit availed?
Thank you
2. Can money paid to builder prior to sale of land on which LTCG arises, be considered as applied for construction against net realisation of sale of land for purpose of section 54F? Or is it to be ignored?
3. What happens if builder does not give possession with in 3 years of date when LTCG arose? More than 50% amount has already been paid for, and further sums will be paid till 3 years are over. Will this be accepted as substantial payment already made or will the assessee lose the benefit availed?
Thank you
24 September 2013
1. Should not be an issue.
2. Yes it can be. expenses incurred for construction of house in 1 year before the sale of property is allowabale.
3. Tricky. subject to litigation. often ruled in favor of the assessee.
2. Yes it can be. expenses incurred for construction of house in 1 year before the sale of property is allowabale.
3. Tricky. subject to litigation. often ruled in favor of the assessee.
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
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- Copyright software
- Regarding TDS Applicability For Director Remuneration
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Opting our of sec 44AD
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
