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54f ltcg ltcl
A person is having ltcg of 28lakhs against which he has purchased flat of 80lakhs and he is even having ltcl of 5lakhs. will ltcl will be carry forwarded
Replies (8)
Quick Summary
No. First the loss will get set off with gain. Remaining will get deduction u/s. 54/54F of IT act.
Ok sir then we have to enter against ltcg 54f exemption amount. around 40ltcg entry is there
Yes, Sales consideration equivalent to 23 LT CG.
54F EXEMPTION CAN BE AVAILE
LTCG 27.5L
STCG 7.8L
Sale value wrt LTCG 88.9L.
invested 48L for buying house
Question:
Can we deduct STCG 7.8L for tax calculation?
Can we offset LTCL carried forward from this LTCG?
what is the tax payable?
- No.
- Yes.
- Depends upon LTCG derived from.
STCL is 7.8 L, not STCG.
after computing prorated exemption of LTCG, LTCL and STCL are allowed to be offset to find the tax payable, is it not?
It will get deducted from LTCG first...
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