Dear Experts,
kindly provide your valuable Opinions.
Mrs. A has 1 Flat in Nasik and another one Bunglow let's say in Nagpur.
She intends to sell her Bunglow Currently (rented out).
Land for Bunglow bought in 1996 for say RS.50000/-, constructed till 1998 for Rs.200000/-
Again in 2006 New floor constructed for RS.15Lakhs.
To be sold whole Bunglow in 2017-18 for say Rs. 70 Lakhs.
My main query is that, Can she avail exemption u/s 54 by buying another residential Flat because she already holds 1flat in Nasik as mentioned above?
I am asking because Sec.54F restricts exemption if Assessee already holds 1 Residential Property.
Is there any prohibition in Sec 54 just like Sec. 54F that she can't get another residential property for getting exemption benefits?
Any other suggestions for saving Cap gains tax of any?
Thanks in advance .
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Capital Gains Tax query
Replies (6)
" Can she avail exemption u/s 54 by buying another residential Flat because she already holds 1flat in Nasik as mentioned above?"
Certainly......... YES.........
No such condition in section 54 as in sec. 54F.......
https://www.caclubindia.com/articles/capital-gains-exemption-from-tax-u-s-54-54f-23471.asp
Thanks to all Experts for all the valuable inputs.
In short, Assessee can avail exemption u/s 54 by buying new residential property even if he already holds more than 1 residential properties prior to Original transfer of Cap. Asset.
1 more query what are the methods of ascertaining FMV as on 1.4.2001? because original property bought before 2001, Besides stamp duty valuation/ ready reckoner valuation.
so that IT authority should accept that value.
Thanks in advance.
In short, Assessee can avail exemption u/s 54 by buying new residential property even if he already holds more than 1 residential properties prior to Original transfer of Cap. Asset.
1 more query what are the methods of ascertaining FMV as on 1.4.2001? because original property bought before 2001, Besides stamp duty valuation/ ready reckoner valuation.
so that IT authority should accept that value.
Thanks in advance.
Valuation Certificate from Registerd Valuer...
any idea how much do they charge and more importantly How do I ask if they are Genuine registered valuer and is there any format for valuation certificate required by IT Dept. ?
1. Government certifies some professionals like architect, CA/CS, Engineers, CMA etc. for such job, and their certificate is valid for such job.
2. land-property-valuation-report-sample
3. governmentapprovedvaluers example
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