Sale of immovable property
This query is : Resolved
02 April 2015
Hello All
My client has sold a residential property on 30.3.15. He will purchase the residential property in June 15. What will be the calculation of tax on capital gain for the current assessment year 2015-16? TDS has been deducted @1%. He can claim it in the said return . Can he claim exemption u/s 54.
Kindly advise.
Regards
Sanjay
My client has sold a residential property on 30.3.15. He will purchase the residential property in June 15. What will be the calculation of tax on capital gain for the current assessment year 2015-16? TDS has been deducted @1%. He can claim it in the said return . Can he claim exemption u/s 54.
Kindly advise.
Regards
Sanjay
02 April 2015
Yes he can claim exemption u/s 54 if he utilizes the entire capital gain for the purchase of another residential property.
By filing the return and claiming refund 1% TDS gets refunded.
By filing the return and claiming refund 1% TDS gets refunded.
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