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Long term capital gain on plot sale.


Krishna Shinde   19 August 2019

Krishna Shinde

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A person sold 3 residential plots on dated 25.07.2018 with long term capital gain, and he purchased a residential house with combined name with wife on dated 20.02.2018 also he took loan from housing finance, my question is he take benefits of section 54 on all 3 plots ltcg or only 1 plot and which amount he paid to property onwer or including finance amount. If amount paid th.only his account not paid by his wife.

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Kapadia Pravin   19 August 2019

Kapadia Pravin

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This pertains to AY 2018-2019 and return filing date was 31st July 2018
First apply online for condonation of delay in filing return.

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Krishna Shinde   19 August 2019

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Return filling period ay 1920 plot sale date is 25.07.2018

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Kapadia Pravin   19 August 2019

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54 benefit is not applicable. Can take benefit under 54F fork all 3 plots provided entire consideration is invested into residential house or proportionately if not entire consideration re-invested.

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sabyasachi mukherjee   09 October 2019

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Krishna shinde
the underlying concept is what is capital asset :
It is defined to include any kind of property held by an assesse whether or not connected with the income of the assesse


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