Income tax on Ancestral property sold after 23 June 2024

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Accountant
83 Points Posted on 19 October 2024

In case of sell of the Ancestral property after 23 June 2024, What will be considered as cost price ?

 

If on date of sale I have only 1 residential house & after sale of the Ancestral property whether 2 flats can be purchased of Rs 3 Crores each [ Total purchase price Rs 6 Crore ] using section 54F (Since maximum exemption under this Section has been limited up to Rs. 10 crores from FY 2024-2025)

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On 19 October 2024 at 17:14 Report
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SEO Sai Gr. Hosp.
212368 Points Posted on 19 October 2024
  1. Circle rate as on 01.04.2001.
  2.  No not eligible u/s. 54F.
  3. There are case laws where two joint flats are considered as single residential unit.
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On 19 October 2024 at 18:52

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