Section 54f of income tax act
Querist : Anonymous
Assessee sold shares being Long Term Capital Asset for Rs. 10 lacs on 31.10.2011 earning Capital Gain of Rs. 9 lacs.
Assessee has started to constructed a new house on 01.04.2011 and costruction completed on 31.01.2012.
Construction Cost incurred up to 30.10.2011 Rs. 8 lacs and from 01.11.2011 to 31.01.2012 Rs. 5 lacs.
Can the construction cost incurred prior to 31.10.2011 (being the date of transfer of Shares) be eligible for exemption under section 54F?
.
So, construction expenses incurred subsequent to sale of original asset can only be considered for exemption.
.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- Regime change
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
