Tax liability for ay 2013-14 query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2013
Assessee sold residential house in assessment year 2012-13 and have a LTCG of Rs.6 lakh.He purchased residential house for Rs. 10 lac.He claimed exemption u/s 54 under IT Act 1961.In AS yr 2013-14 he sold the residential house for Rs. 12 lakh on which exemption u/s 54 was claimed.What is his tax liability for AY 2013-14.He has also salary income of Rs.5 lac.
CA Pallav Singhania
(Expert)
27 September 2013
The exemption u/s 54 will be reversed and the Capital gain will be taxed @20 percent...
28 September 2013
Agree with Aryan
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
