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capital gains
I am selling my flat at ₹1.15 CR . i purchased it at the year 2002 for 17,00,000 . now i want to calculate the capital gain and indexation too and also i wanted to know how much proportionate deduction i can avail under section 54&54f.
Replies (10)
you have not mentioned the exact year of sale as well as exact year of purchase.
Assuming that you sold the property in 2018-19 and purchased it in 2002-03 capital gains wud come approximately to 69lacs. you need to invest these entire CG in property to claim exemption under section 54
Assuming that you sold the property in 2018-19 and purchased it in 2002-03 capital gains wud come approximately to 69lacs. you need to invest these entire CG in property to claim exemption under section 54
okk. suppose i invested ₹80 lakhs in new house (40 lakhs land cost and 40 lakhs construction cost)
yes you can claim 80lacs since the essential conditions for claiming exemption on land us that building is being built on it.
from your query I believe that the on the land purchased the building is built on it and they are not seperately invested
from your query I believe that the on the land purchased the building is built on it and they are not seperately invested
so will there be any capital gain on me if i invest whole amount
no not at all
so i will be availing deduction u/s 54?
yes correct
when does sec 54f applies and when we calculate proportionate deduction? and in my case proportionate deduction will be allowed or full Amount?
when you sell any long term capital asset other than property and invest the sale consideration in property then exemption under 54F can be claimed
good clarification and information
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