Sec 54 Exemption CG
This query is : Resolved
29 December 2008
i sold my RH for Rs. 50 Lacs and i purchased a land of 100 acres for Rs. 25lacs and constructs a RH in 1 acres area for Rs. 10 lacs. Can i get exemption Rs.35 lacs under 54
29 December 2008
You are extending things too long. You can buy 1 acres and build in that, to claim 54
29 December 2008
As I understand 100 acres is equal to 480,000 sft
For Rs 10 lacs, one may perhaps be able to build 1000 sft at average cost of Rs 1000 per sft
So you would be able to use only 0.2 percent of land for construction
Normally one can construct upto 66.67 % of land leaving 33.33 % for set-backs
So how do you think any one especially from Income Tax Department would believe genuineness of doings
I also suggest you concentrate on studies, complete CA and then earn enough to buy acres.
For Rs 10 lacs, one may perhaps be able to build 1000 sft at average cost of Rs 1000 per sft
So you would be able to use only 0.2 percent of land for construction
Normally one can construct upto 66.67 % of land leaving 33.33 % for set-backs
So how do you think any one especially from Income Tax Department would believe genuineness of doings
I also suggest you concentrate on studies, complete CA and then earn enough to buy acres.
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
- Depreciation of fixed assets- coop housing society in mumbai
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- TDS Return Q1 FY 2026-27
- Condonation . E-Verification of last year return .
- CREDIT NOTES WITHOUT GST
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- GST rate and HSN code for sale of racing horses
- DIN reactivation
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
