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Capital gains tax

Tax queries 174 views 1 replies

Ramanarao Poruri

Manager-Finance & Accounts

31 Points Joined June 2015

I have purchased 2 Individual Plots ( side by side) in 1996 with 2 separate sale deeds.

now i want to sell the 2 plots 2 diiferent individuals.& i want to purchase Apartments from the sale amount of 2 Plots.

i have to pay capital gains tax on 2 plot sale proceeds or shall i get exemption on 2 plots sale proceeds

Replies (1)

It seems your question is related witb section 54 ..
It must be noted that In section 54 deduction of one House property is allowed.
However the maximum amount of deduction that can be claimed by you shall be upto addition of both Capital Gains.
Decision of Madras high Court is not relevant after amendement in the section.

Hope this will help you out.
Regarda.