An individual sold a property in FY 2014-15 and incurred a LTCG of Rs. 45 lacs.
He purchased a new property in the same FY 2014-15 worth 39 lacs.
Now he wants to sell the new property worth 39 lacs for 40 lacs in FY 2015-16. From that he wants to purchase a land and construct a new house in FY 2015-16, and then claim deduction u/s 54 for constructing a new house only.
How will he be assessed in FY 2014-5 and FY 2015-16?
Thanks
Thank you for your quick reply.
If he sells this new property to construct a new house and claim exemption u/s 54, does he have to deposit the sale proceeds first in capital gain deposit account or normal bank transactions will be acceptable?
When one person 'A' transfers a property to another person'B'(no family) only with Possession rights(i.e., only usage rights but no right to sale that property).then the real owner 'A' has any right to sell that property in any circumstance or who has the right to sell that property? and if 'B' dies, what is the status of that property?
Anyone plz clarify my doubt and if possible please mention the section of the Act related to my query.....Thank You
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