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.
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
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Equity Share Sale and Purchase
- Visiting card purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
