Section 54
This query is : Resolved
24 March 2012
i have purchased a plot (land) for 10 lacks in feb'2012 and i sold some land (10 years old) in march'12 for 20 lakhs , for capital gains exempt from tax i need to invest in res house one year before or buy a house within 2 years and construct a house within 3 years .
as per the above case i will construct a house on the plot purchased on feb'12
shall i get exemption under capital gains for 10 lakhs or not ?????
as per the above case i will construct a house on the plot purchased on feb'12
shall i get exemption under capital gains for 10 lakhs or not ?????
24 March 2012
Yes you will get the exemption (but under Section 54F and not under Section 54) provided you invest the whole amount before the due date of filing return.
Further exemption is available as the construction will be completed only AFTER the sale.
However, if you are not able to invest the whole amount by the due date, then you will have to deposit the same in a Capital Gain Account with a nationalised bank BEFORE the due date.
Further exemption is available as the construction will be completed only AFTER the sale.
However, if you are not able to invest the whole amount by the due date, then you will have to deposit the same in a Capital Gain Account with a nationalised bank BEFORE the due date.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- Condonation . E-Verification of last year return .
- GST not cancelled by tenant
- 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
- LLP audit under companies act
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
