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Capital gain
If entire capital gain is Invested into purchase of two properties (w.e.f. AY 2020-2021) then full Deduction under section 54.
CALCULATE INDEXED COST OF ACCQUISITION AND DEDUCT FROM SALE CONSIDERATION.
THATS CAPITAL GAIN.
AVAIL EXEMPTION WITHIN A PERIOD 2 YEARS OR COMPLETED CONSTRUCTION OF HOUSE PROPERTY WITHIN A PERIOD OF 3 YEARS.
SEC 54 F.
please don't be confused
Refer my earlier reply
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Sabyasachi 80EEA ??? for this query ?? for 2nd house ? amazing !!! Confusion ????
You are right. The amendments have been made in Budget 2019
alterations enacted in the Finance Bill 2019.
1. As per the new proviso to sec 54 if the sale consideration is invested new residential house property then exemption can be availed for investment in 2 residential house property.
2. If the LTCG is less than Rs. 24 lakhs ( it will be, as the cost will be minimum of more than Rs. 1 lakh) then there will not be any Capital gain tax chargeable.
3. But the Income-tax website says that this proviso will be applicable only from 01.04.2020. As this was introduced in budget 2019 it should be applicable from 01.04.2019 and not from 01.04.2020.
4. In your case, if the selling and buying of property happen in the FY 2019-20 then, exemption u/s 54 should be applicable for both the residential house property. Resulting in no capital gains.
Please correct me if the above solution has an alternative view.
Post 1 and post 2 by you .....which one is ok ?? both are contradictory ???
pls send your mailid at sabyasachimukherjee7098 @ gmail.com
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