COMBINED SALE PROCEEDS INTO ONE RESI FLAT U/S 54F

FIRST POINT:- CONDITIONS FOR CLAIMING EXEMPTION U/S 54 IS SATISFIED.
I SOLD 2 PARCELS OF LAND AND BOUGHT A RESIDENTIAL FLAT. 
I WANT TO CLAIM EXEMPTION U/S 54F BUT MY PROBLEM IS, I COMBINED BOTH NET SALE PROCEEDS TO INVEST IN A FLAT HENCE I COMBINED AND BOUGHT IT. FLAT PURCHASE AMOUNT IS LESSER THAN NET SALE PROCEEDS HENCE PROPORTIONATE CALCULATION COMES UNDER THE PICTURE, WHILE FILLING ITR-2 IN SECTION OF CG, DO I NEED TO COMBINE BOTH SALE PROCEEDS AND REPORT AS A ONE TXN? (AS ON THE SAME DAY TXN GOT EXECUTED BUT BUYERS ARE DIFFERENT) , IF WE REPORT BOTH AS A SEPARATE TAX THEN HOW TO SHOW FLAT VALUE IN BOTH SECTIONS? HALF-HALF? BUT AGAIN IF WE REPORT IT HALF-HALF THEN FROM MY SECOND SALE PROCEEDS, NET SALE CONSIDERATION IS LESSER THAN THAT OF HALF OF THE FLAT VALUE. HENCE MIS-CALCULATION WILL TAKE PLACE AS FROM FIRST SALE PROCEEDS I MIGHT GET LESSER EXEMPTION THAN THAT OF COMBINED ONE. IN THIS CASE WHAT NEEDS TO BE DONE?

REPLY AND THANKS 

Replies (5)
Quick Summary
This discussion addresses a query regarding claiming exemption under Section 54F of the Income Tax Act. The user sold two parcels of land and used the combined net sale proceeds to purchase a single residential flat. The main concern is how to report these transactions in ITR-2, specifically whether to combine both sale proceeds into one transaction or report them separately. The user is seeking guidance on the correct calculation for proportionate exemption when the flat's purchase price is less than the total sale proceeds, to avoid miscalculations and ensure accurate tax exemption.

Pls post actual figures.
Originally posted by : sabyasachi mukherjee

Pls post actual figures.

1st txn net sale proceeds 2515000 , 2nd sale proceeds = 1190000 .. exemption = residential flat u/s 54f = 2966666rs .  

 

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Clarify fig2966666
Originally posted by : sabyasachi mukherjee

Clarify fig2966666

FLAT AGGREEMENT VALUE

 

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