ICICI

Capital gains


Souvik Kumar Ghosh (CA Final)     20 January 2015

Souvik Kumar Ghosh
CA Final 
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An individual sold a residential building within 1 year after acquiring it. He bought another residential property with 2 months from the date of sale. Is he eligible for any exemption under the Income Tax Act?

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CA Neelam Maheshwari (internal Auditor)     20 January 2015

CA Neelam Maheshwari
internal Auditor 
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Refer section 54 of IT act.

Souvik Kumar Ghosh (CA Final)     21 January 2015

Souvik Kumar Ghosh
CA Final 
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Sec-54 provides exemption only on Long term Capital Asset. In the instant case the asset is short term.


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