Section 54 long term capital gains
This query is : Resolved
hardik parasia
(Querist)
13 July 2017
An Individual has Purchased a House Property "A" in June 2010
Sold the property A in June 2015
Invested the amount in new house property B in June 2015 anc claimed the deduction in Sec 54
Now Can he sell the property in July 2017 i.e after 2 years and before completion of 3 years
as per the new rules that holding period has been reduced to 2 years for LTCG????
Sold the property A in June 2015
Invested the amount in new house property B in June 2015 anc claimed the deduction in Sec 54
Now Can he sell the property in July 2017 i.e after 2 years and before completion of 3 years
as per the new rules that holding period has been reduced to 2 years for LTCG????
Amol S Joglekar
(Expert)
13 July 2017
it has to be he consequential change in section 54.
The period of 3 years must be reduced to 2 years.......
Please ensure the same with the new act before taking the call.
The period of 3 years must be reduced to 2 years.......
Please ensure the same with the new act before taking the call.
14 July 2017
If sold in 2017, capital gains attracts. See section 54(1)(i).
CA. Sunil Gokhale
(Expert)
14 July 2017
Though house held for more than 24 months will be treated as long-term, Sec 54 requires the new to be held for 36 months or exemption is withdrawn.
Amol S Joglekar
(Expert)
14 July 2017
@ CA Sunil Gokhale. ....no corresponding change is made in section 54?......
CA. Sunil Gokhale
(Expert)
14 July 2017
No change in holding period of 3 years u/s 54.
Amol S Joglekar
(Expert)
16 July 2017
well, that is to be followed then.....
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