Salel of one flat out of 4 flats.
This query is : Resolved
07 September 2011
Dear sir,
My query is, i have 4 flats in the same building in my name which i got through JDA for my share and out of which i am planning to sell one flat to a customer who is going for housing loan of 25 lakhs for the consideration of 30 lakhs. i want to know what are the tax implications and exemptions available for me..and how can i minimise my LTCG on the sale...i got the above flat in the FY 2009-10.
My query is, i have 4 flats in the same building in my name which i got through JDA for my share and out of which i am planning to sell one flat to a customer who is going for housing loan of 25 lakhs for the consideration of 30 lakhs. i want to know what are the tax implications and exemptions available for me..and how can i minimise my LTCG on the sale...i got the above flat in the FY 2009-10.
26 September 2011
The profit arising on the sale of the flat will be Short Term Capital Gain as the flat has been sold within a periof of 3 years.
Since it is STCG, exemption under Section 54 is not available as exemption under that Section is available only when the gain is long term.
Since it is STCG, exemption under Section 54 is not available as exemption under that Section is available only when the gain is long term.
30 September 2011
Sir thank you for your kind reply. I was awaiting reply for my query, and now i have decided to sell the above mentioned flat after its 3yrs only.
I want to know under LTCG if i sell after 3 yrs will the tax exemption u/s 54 can be claimed if i am having multiple residential properties other than the self occoupied residential property.
I want to know under LTCG if i sell after 3 yrs will the tax exemption u/s 54 can be claimed if i am having multiple residential properties other than the self occoupied residential property.
30 September 2011
Sir thank you for your kind reply. I was awaiting reply for my query, and now i have decided to sell the above mentioned flat after its 3yrs only.
I want to know under LTCG if i sell after 3 yrs will the tax exemption u/s 54 can be claimed if i am having multiple residential properties other than the self occoupied residential property.
I want to know under LTCG if i sell after 3 yrs will the tax exemption u/s 54 can be claimed if i am having multiple residential properties other than the self occoupied residential property.
06 April 2012
If you purchase another residential property, then exemption is available.
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