Section 54 - LTCG savings by reinvestment in a house
This query is : Resolved
26 March 2009
An individual owns 3 separate small houses for over 5 years.
He is planning to sell 2 of the small houses and reinvest the entire sales proceeds in a single big house - within 6 months.
He shall be owning 2 houses total after the transaction is over.
Will he be exempt from LTCG tax on the sale value of both the small houses that he is selling to buy a single big house?
He is planning to sell 2 of the small houses and reinvest the entire sales proceeds in a single big house - within 6 months.
He shall be owning 2 houses total after the transaction is over.
Will he be exempt from LTCG tax on the sale value of both the small houses that he is selling to buy a single big house?
26 March 2009
Yes. He shall be allowed Exemption u/s 54 from LTCG.
27 March 2009
yes exemption is allowed
01 April 2009
yes exemption is allowed
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- GST Rate for Catering Services
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- 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
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
