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Exemption - ltcg

Tax queries 431 views 3 replies

An assessee sold his flat in the FY 2014-15 and got LTCG of 45L. Let us say property 'A'

 

Now he purchased another property which he wants to sell it off in few months time. This is an under-construction property. Let us say property 'B'

 

Thereafter, from the amount received from sales, he wants to purchase another property within the same FY 2014-15. Let us say property 'C'.

 

What details he needs to put in the ITR for the FY 2014-15? Can he show only the 'C' purchase in ITR and claim exemption u/s 54? Or will he incur STCG also by selling the 'B' property within the same FY?

 

Thanks

 

Replies (3)

exemption under 54 for property A can be claimed by showing investment in property C.. and along with this the assessee will also have to show STCG from property B and pay taxes accordingly.

Thanks Mr. T A Singh.

most welcome mihir ji.


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