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
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
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Regarding E-invoice Generation
- Forgot to update debit note in gst
- Can we claim ITC in 28%
- GST APPLICATION
- Wrongly goods delivered to other state
- ADDITIONAL PLACE OF BUSINESS DOCUMENTS
- Revenue stamp for individual to Individual
- CERTIFIED TRUE COPY OF PARTNERSHIP DEED
- Foreign commission liable for rcm
- Transfer of MF
- Two pancard
- Issue with PTEC Registration – PAN Already Used
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
