Section 54 & 56
This query is : Resolved
Dinesh Venkat
(Querist)
07 March 2017
Assessee sold one residential property and purchased another residential property in india for Rs.10,00,000/- but its guideline value is Rs.20,00,000/-. So, What is the amount eligible for exemption and also if the assessee sold the new property within 2 yrs from the date of purchase what is the tax consequences?
08 March 2017
If guideline value for sold property is Rs 20,00,000/- capital gains on it will be calculated by taking Rs. 20 lac as sale consideration even if actual sale consideration was less than the guideline value. If new property is also sold before 3 years than not only on the sale of new property there will be short term capital gains but also the earlier exempted capital gains will also be taxable again.
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