If I sell land under JDA... & in exchange I get the flats as a consideration which is reflecting in AIS/TIS & TDS @ 1% is done on same..... so shall I offer this amount reflecting in AIS as capital gain?
& can I claim exemption u/s 54F ...
i. e... I sold land & re-invested in residential flats which I got in exchange... ???
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Capital gain under JDA
Replies (2)
Correct. you can get exemption u/s. 54F IT act.
I don't think 54F will apply as the capital asset sold is not a residential house property
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