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long term capital gain

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48 Points Posted on 01 March 2019
can I get exemption for long term capital gain by constructing only one room set kitchen and bathroom. will it be sufficient. thanks
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On 01 March 2019 at 15:52 Report
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512 Points Posted on 01 March 2019
residential house property should be habitable
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On 01 March 2019 at 16:44
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Team Lead
7558 Points Posted on 01 March 2019
yes you can get. it shud be a residential property. department won't see how the house is. it will inspect the registered document with sub registrar
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On 01 March 2019 at 16:47
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512 Points Posted on 01 March 2019
if the case is selected for scrutiny, the AO is free to make inquiry
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On 01 March 2019 at 16:54
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48 Points Posted on 01 March 2019
that is the query is construction of one room set sufficient.
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On 01 March 2019 at 16:58
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Team Lead
7558 Points Posted on 01 March 2019
yes it's sufficient. the section specifies that it shud be a residential property. it does not provide how the property shud be
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On 01 March 2019 at 17:00
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512 Points Posted on 01 March 2019
apart from Act, we also need to follow rules n case laws
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On 01 March 2019 at 17:11
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7059 Points Posted on 01 March 2019
thank you and congratulations
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On 01 March 2019 at 23:28
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INCOME TAX OFFICER
1736 Points Posted on 02 March 2019
the property should be fit to be habitable.... that's it... no specifications about number of rooms etc
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On 02 March 2019 at 00:19
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SELF EMPLOYED
100 Points Posted on 02 March 2019
The requirement to claim the exemption is whether it is a residential property or not. Exemption will be claimed under section 54 or 54F depends on asset sold.
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On 02 March 2019 at 00:27


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