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?
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Capital gain related query
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Quick Summary
Full sale proceeds must be invested in purchase/construction of house property to get deduction u/s 54F within the stipulated time.
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?
Investment/construction in house property is eligible for deduction u/s 54F if made on or before return filling date of relevant previous year
In case of sale of house property and purchase of house property out of sale proceeds it is enough to invest capital gains amount I. e. 15 lakhs in your case and not necessary to invest entire net sale consideration
I think it should be dealt with section 54 not 54F
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