Section 54f of it act
This query is : Resolved
10 May 2012
Dear Sir/Madam,
A HUF had sold its commercial property in FY 2009 10 and invested its proceeds in residential property and claimed exemption under sec 54F.
What will be the tax effect if that property is sold in the current Financial Year[FY 2012-13]. Also what will be the tax consequence in case the HUF is partitioned?
A HUF had sold its commercial property in FY 2009 10 and invested its proceeds in residential property and claimed exemption under sec 54F.
What will be the tax effect if that property is sold in the current Financial Year[FY 2012-13]. Also what will be the tax consequence in case the HUF is partitioned?
24 May 2012
SInce the property is sold within 3 years, the capital gain exempt earlier shall be taxable as Long Term Capital Gain in the current year.
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