If a person sell house of Rs. 40 lac and after calculation of capital gain are 15 lac so query is a person is liable to do purchase full 40 lac value flat or 15 lac value flat is ok, if he want to do save tax amount?
deepak (PCS) (414 Points)
15 January 2020If a person sell house of Rs. 40 lac and after calculation of capital gain are 15 lac so query is a person is liable to do purchase full 40 lac value flat or 15 lac value flat is ok, if he want to do save tax amount?
Kamal Verma
(Financial advisor)
(578 Points)
Replied 15 January 2020
Full sale proceeds must be invested in purchase/construction of house property to get deduction u/s 54F within the stipulated time.
deepak
(PCS)
(414 Points)
Replied 15 January 2020
One of our client had not mentioned sale value of 55 lac in his IT return a.y. 2015-16. and after calculation net capital gain is 20 lac . So query is that he is liable to pay tax on 20 Lac or he has to allow do deduction of against property purchased in a.y. 2016.17?
Kamal Verma
(Financial advisor)
(578 Points)
Replied 15 January 2020
Investment/construction in house property is eligible for deduction u/s 54F if made on or before return filling date of relevant previous year
rama krishnan
(12234 Points)
Replied 16 January 2020
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