Section 54 and 54f
This query is : Resolved
29 July 2013
When Land and building is sold as a Residential house property wherein land is a long term asset and building is short term. Which section can we take benefit from. Section 54 or 54F or none of these
29 July 2013
Section 54F can be availed for the long term capital asset being land.
29 July 2013
But property is sold as Residential House Property which is an exception of section 54F. Assessing Officer may raise an issue of availing 54 F since the capital asset transferred is a residential house property
29 July 2013
Whether you would like to claim indexation benefit on land ?
.
If yes, you can start from the "ground".
.
The Residential House Property can be treated as its cost of improvement.
.
.
If yes, you can start from the "ground".
.
The Residential House Property can be treated as its cost of improvement.
.
29 July 2013
Please see Dr. D.L.Ramachandra Rao's case reported in 236 ITR 51 , wherein Madras High court said gain on land can be treated as LONG TERM and gain on building as SHORT TERM.
Based on that decision ,the assessee is eligible for 54F deduction on the land sale.
Based on that decision ,the assessee is eligible for 54F deduction on the land sale.
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
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- Specified Profession
- Agriculture income or business income
- Suggestions required for income tax filing-software (FY 2025-26)
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Taxation on LTCG for property sold after 24JUL2024
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- 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
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
