Mr.A has a flat in Mumbai plus some land in Urban area in Kerala.He wants to dispose of the land in Kerala and want to go for a second flat in Mumbai with the proceeds.
Whether the capital gain exempt u/s54/54F
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Capital Gain
Replies (3)
the capital gain would be exempted in 54F
Depends on nature of the urban land.
If it is a long term capital asset, section 54F can be claimed.
| Originally posted by : soura | ||
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the capital gain would be exempted in 54F |
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AGREE.
N AS SAID ABOVE IT MUST BE A LONG TERM CAPITAL ASSET.
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