Dear all,
In this case , person sold residential plot and also within two years he bought again a residential house with commercial shop in front of that house. How to treat this?
Murali
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Captial gains
Replies (8)
As per u/s 54 of Income tax Act, provide us the locking period of 3 Years, in which assessee can't sale the reinvested property otherwise the LTCG will be reduce from the cost of property which is sold by assessee.
in this case , he bought a house includes commercial shop too. my question is re-investing must be only in residential house or both (commercial complex, shop., etc.,)?
As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.
As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.
As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.
please help me know what is genuine hardship and 1 example for it.
please help me know what is genuine hardship and 1 example for it.
Genuine hardship means situation wich is out of our control, like natural calamity etc than in that case deptt. can condone the contravention provision of act.
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