Sec-54
This query is : Resolved
02 February 2013
A PERSON WANTS TO SELL A PART OF HIS PLOT,FOR EXAMPLE FOR 15 LACS AND WANT TO USE IT FOR CONSTRUCTION OF HOUSE ON REMAINING PART OF SAME PLOT,IS THERE ANY TAX LIABILITY ON 15 LAC AMOUNT?
IF HE USE THIS 15 LAC FOR REPAYMENT OF LOAN WHICH HE HAS TAKEN FOR CONSTRUCTION OF A ROOM IN HE IS CURRENTLY STAYING?
IF HE USE THIS 15 LAC FOR REPAYMENT OF LOAN WHICH HE HAS TAKEN FOR CONSTRUCTION OF A ROOM IN HE IS CURRENTLY STAYING?
CA PARAS BAFNA
(Expert)
02 February 2013
Capital Gains in respect of the portion sold has to be calculated and can be shown as the sales consideration has been duly invested for the purpose of construction of the residential house.
.
In case of utilisation court's have opined that the same money is not required to be invested, so repayment of the loan, which had been utilised for construction purpose and taken within one year from the transfer of plot, can be said to be eligible for exemption.
.
.
In case of utilisation court's have opined that the same money is not required to be invested, so repayment of the loan, which had been utilised for construction purpose and taken within one year from the transfer of plot, can be said to be eligible for exemption.
.
02 February 2013
SIR, IN ABOVE CASE IF HE SELLS A PART OF PLOT
AND USES SALES CONSIDERATION FOR THE CONSTRUCTION OF ROOM , THEN
AND USES SALES CONSIDERATION FOR THE CONSTRUCTION OF ROOM , THEN
CA PARAS BAFNA
(Expert)
02 February 2013
The assessee should not more than one residential house.
.
Exemption can be claimed U/s 54F.
.
.
Exemption can be claimed U/s 54F.
.
02 February 2013
ONE PLOT IS IN HARAYANA AND HOUSE IN WHICH HE IS STAYING AND WANT TO CONSTRUCT ROOM IS IN RAJASTHAN,
IS THERE ANY DIFFERENCE BETWEEN PLOT, PIECE OF LAND AND RESIDENTIAL HOUSE PROPERTY
IS THERE ANY DIFFERENCE BETWEEN PLOT, PIECE OF LAND AND RESIDENTIAL HOUSE PROPERTY
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
- Gst credit note by supplier
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Movement of goods by packers and movers - type of sale - Reg.
- Wrong CMPo8 file
- GST on reimbursement of expenses
- Gratuity paid to legal heir above 20 lakh is taxable or not
- 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
- ITC not to be taken in accounts & GSTR-3B
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
