Regarding section 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2014 I HAVE SOLD THE PROPERTY 'A'(SHOPE) ON 31/05/2012 AT COST 4121000 RS, WHICH I HAD BOUGHT ON 20/09/2002 AT RS 780920.
I INVESTED THAT 4121000 RS IN CAPITAL GAIN SAVING SCHEME.

I HAVE OTHER TWO PROPERTIES 'B'(SHOPE) AND 'C'(PART OF OPEN LAND).

PROPERTY 'B' IS BOUGHT ON 03/10/2002 AT COST 465200 RS AND SOLD ON 29/05/2013 AT PRICE 3000000 RS.

PROPERTY 'C' IS PART OF OPEN LAND.

PROPERTY 'C' IS BOUGHT ON 24/05/2004 AT COST 74996 RS AND SOLD ON 31/05/2013 AT PRICE 500000 RS.

THAT 30000000 AND 500000 I HAD NOT INVESTED IN CAPITAL GAIN SAVING SCHEME.

NOW, I BOUGHT A NEW PROPERTY(RESIDENCE HOUSE) ON 07/01/2014 AT COST RS 3033313.

PLEASE TELL ME ON WHICH AMOUNT I HAVE TO PAY INCOME TAX AND HOW MUCH.

I WANT TO CONSTRUCT RESIDENCE HOUSE. THE COST OF CONSTRUCTION IS DEDUCTABLE OR NOT?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2014 The new property you bought is eligible for exemption of capital gains u/s 54F, provided you have only one house property before buying this property.
You can construct one house within the time limit u/s 54 and claim exemption from capital gains U/s 54 for the amount deposited under capital gain savings scheme.

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