to claim exemption under capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2010
sir,
one of my friend as sold a site during the year and he has to claim the capital gain tax exemption under income tax. Whether he has to invest the whole amount in the specified scheme deposit or he has to invest the taxable portion of capital gain only. And also his income is below the taxable limit i.e.,rs.24000 per annum.
kindly send the clarifications for the same
one of my friend as sold a site during the year and he has to claim the capital gain tax exemption under income tax. Whether he has to invest the whole amount in the specified scheme deposit or he has to invest the taxable portion of capital gain only. And also his income is below the taxable limit i.e.,rs.24000 per annum.
kindly send the clarifications for the same
18 December 2010
If he wants to buy residential house, he has to invest all the sale consideration.He can buy another house only if he have only 1 house existing now.Please refer Sec.54F for further details.
If he wants to invest in RECL or NHAI bonds, capital gain should be invested.Refer Sec.54EC for further details
If he wants to invest in RECL or NHAI bonds, capital gain should be invested.Refer Sec.54EC for further details
18 December 2010
net consideration to be invested.
If income is below taxable limit then investment is not required.
If income is below taxable limit then investment is not required.
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
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Annual return of gst limit
- Query regarding TDS on EPFO Higher Pension Arrears*
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
