Section 54
This query is : Resolved
19 September 2013
Hi, I recently sold my residential flat for 78 Lacs (which is higher than stamp duty value, therefore sec. 50C not applicable) , which I purchased 3.5 years ago for40 lacs. The Indexed cost of acquisition comes to58 Lacs, which arises a long term capital gain of 20 lacs (78-58).... However, 2 months ago(from the date of selling above flat), I had booked an under construction residential flat from a reputed builder for 70 lacs, the possession of which is after 3.5 years. I already paid 25 lacs as down payment, The rest of amount will be paid in installments(which fall after this prev. year) as and when the due dates come up, I have availed credit facilities for the payment of above installments. Am I eligible for exemption u/s 54 of the Income Tax Act? If yes, Any comments/suggestions would be highly appriciated..
21 September 2013
You shall be eligible for claiming benefit under54. However, if you are eligible only under 54F instead of 54, it is advisable to deposit the remaining funds in capital gains accounts scheme.
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Transporter Declaration form
- Value of property in capital gain
- Tds UNDER SECTION 195 INTEREST PAID TO NRI DIRECTOR
- Clarification on TDS Applicability
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
