Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Claiming of exemption

RAKESH KUMAR BEHERA (STUDENT) (185 Points)

14 June 2016

I have a doubt , i want to Share with You Guys

I have Sold Two Long term Capital Assets in the F.Y-2014-15 for Rs.15,00,000/- & also i have Purchase one House Property at a cost Rs.18,21,000/-

My Question to you. Can i Claim the entire Capital Gain against New One U/s 54F.

Share your suggetion soon

Reply
Follow
Share

4 Replies

Sai Ganesh (Article Assisstant ) (254 Points)
Replied 14 June 2016

Dear sir,

As per section 54F exemption is given as below ,

(a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45;

(b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45:

so as per the above, we can claim full capital gain as exemption as the we have purchased new house property valued more than 15,00,000.

Thanks

RAKESH KUMAR BEHERA (STUDENT) (185 Points)
Replied 16 June 2016

Thanks for reply to My query

But My Question was How to claim

i sold two LTCA for 15lakh(8+7)

Now u can sugesset me better

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 16 June 2016

hiee friend lets discuss briefly.

54F -Suppose u transfered/sold LTCA of value 15lac{(8+7)Not being any residential house} and u have purchased/ constructed a new residential; house within the stipulated time then the difference btwn sale consideration and net cost of specified asset shall be chargeble to tax.

54 - Suppose u transfered/sold LTCA of value 15lac{(8+7)being a residential house} and u have purchased/ constructed a new residential; house within the stipulated time then the amount of gain or the cost of new asset whichever is lower shall be ur quantoum of exemption.

Hope it will help u to understsnd clearly.

Harshit

+918955737073

1 Like