Section 54 of income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2016
Exemption can be claimed from Section 54, to the extend of Capital Gain or for Whole Property Sold? Kindly guide me with the Section in detail.
19 March 2016
Dear Sir,
The amount of exemption under section 54 of the Income tax Act, 1961 will be lower of the following amount ---
1. The Amount of Capital Gain arising on transfer of the residential property or
2. The Amount Invested in purchasing new residential property.
therefore, in any case exemption under section 54 can not exceed the amount of capital gain.
The amount of exemption under section 54 of the Income tax Act, 1961 will be lower of the following amount ---
1. The Amount of Capital Gain arising on transfer of the residential property or
2. The Amount Invested in purchasing new residential property.
therefore, in any case exemption under section 54 can not exceed the amount of capital gain.
19 March 2016
CAPITAL GAIN of the property sold should be reinvested.
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