Sec. 54 - exemption from capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2014
Good Morning
In sec. 54 exemption is available for purchase of HP before one year of transfer or two year after transfer.
Eg. On 1/9/13 I purchased a house and then I sold my old house on 2/8/2014. Exemption is available to me u/s 54.(i.e. purchase a house within one year before the date of transfer)
Question:
1) When I already purchased the house before the sale of old house then why exemption is available, even if i have the money as it is, I don't use the amount from sale proceeding. What is the logic?
In sec. 54 exemption is available for purchase of HP before one year of transfer or two year after transfer.
Eg. On 1/9/13 I purchased a house and then I sold my old house on 2/8/2014. Exemption is available to me u/s 54.(i.e. purchase a house within one year before the date of transfer)
Question:
1) When I already purchased the house before the sale of old house then why exemption is available, even if i have the money as it is, I don't use the amount from sale proceeding. What is the logic?
15 April 2014
law prov. you already mention.
you donot want to take exemption agst already purchase property then you can but one more house.
you donot want to take exemption agst already purchase property then you can but one more house.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Free lancer income
- STCG FOR GOLD ETFs
- Specified Profession
- Long Term Service award taxability in hands of company
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- 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
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
