Sec 54 capital gains benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 April 2012
If a person owns many residential properties and sells one residential property, can he reinvest in another residential property adequately within the stipulated period and claim the tax benefit ?
12 April 2012
yes person can invest in another res.property and claim tax benifit.
Message likes :
1 times
12 April 2012
Section 54 will be applicable here to get the benefit of Capital Gain.
12 April 2012
Yes, subjected to one condition that the residential property which is sold by that individual shall be a long term capital asset. As per Sec 54, if a LT house property is transferred and the capital gains are invested for purchase / construction of a residential property within specified time, then such CGs are exempt from tax.
12 April 2012
yes, agreed with experts
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
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
