SECTION 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 July 2011
a person have long term capital gain from sale of residential house property.....
he has investment in land purchase.
amount of land (new investment) is more than by long term capital gain..
whether he is required to deposit some amount in CGDS Account for construction on land in future.....bcz he is already in limit of exemption u/s 54, land (new investment) is more than long term capital gain
he has investment in land purchase.
amount of land (new investment) is more than by long term capital gain..
whether he is required to deposit some amount in CGDS Account for construction on land in future.....bcz he is already in limit of exemption u/s 54, land (new investment) is more than long term capital gain
CA PARAS BAFNA
(Expert)
15 July 2011
The amount of capital gains is required to be utilised for the purpose of construction or purchase of a residential house and the "future" in which the construction is required to be completed is not indefinite.
Within 3 years from the sale of original asset, house must be constructed.
If amount of capital gains is already utilised for purchase of land then no need to deposit the amount in Capital Gains Deposit A/c.
Within 3 years from the sale of original asset, house must be constructed.
If amount of capital gains is already utilised for purchase of land then no need to deposit the amount in Capital Gains Deposit A/c.
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
- Visiting card purchase
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
