Sale and purchase of land...
This query is : Resolved
28 July 2011
My Case:
1. Purchased Land in F.Y:2006-07 Rs. 3,28,000.
2. Sold the same in F.Y:2010-11 Rs. 4,50,000 on 28.06.2011.
3. Received this amount Rs. 4,50,000 as advance on 28.03.2010 and purchased an another land for Rs. 68,000.
Can the new land purchased be taken as deduction u/s 54. Please help. Also comment regarding any other tax implications.
1. Purchased Land in F.Y:2006-07 Rs. 3,28,000.
2. Sold the same in F.Y:2010-11 Rs. 4,50,000 on 28.06.2011.
3. Received this amount Rs. 4,50,000 as advance on 28.03.2010 and purchased an another land for Rs. 68,000.
Can the new land purchased be taken as deduction u/s 54. Please help. Also comment regarding any other tax implications.
28 July 2011
No if you are not buying any residential property then no deduction can be claimed
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