Section 54 of income tax act.
This query is : Resolved
29 August 2011
A person had purchased a plot of land for Rs. 1.5 lac in 2003, and the same is sold for Rs. 12 lacs in 2011. Afterwards, he purchased another plot of land from the earlier sale proceeds. Is there any provision in Section 54 to claim such exemptions on the capital gain.
29 August 2011
Yes you can claim exemption under Section 54 only if such plot of land is use for construction of new house before 2 years of purchase of it or 3 years after purchase of the same.
30 August 2011
Land alone will not suffice to claim exemption u/s.54 of the IT Act,1961.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- FEMA regulation Act. for inward remitance
- Difff in ais receipts and gst turnover
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
