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regarding sale of property

mudit gupta (CA) (330 Points)

13 January 2018

dear sir
with respectfully I beg to state that I have 2residential house and I sold on one residential house and in case capital gain arise ₹629735 And I invested it in purchase another residential house .will I can take deduction u/s54 if I have one residential house
plz reply soon
thank you
regards
mudit gupta

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (162550 Points)
Replied 13 January 2018

Yes, you can avail exemption u/s. 54 of IT act, no restriction.

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mudit gupta (CA) (330 Points)
Replied 13 January 2018

sir
I want to know that I purchase plot on 2014 and constructed by builder and I paid Installment for construction within time of construction .will I take benefit of this Installment as indexation of construction . yes benefit of indexation on 2004or 2006
plz reply soon
thank you
Regards
Mudit

mudit gupta (CA) (330 Points)
Replied 13 January 2018

sir
I want to know that I purchase plot on 2004 and constructed by builder and I paid Installment for construction within time of construction .will I take benefit of this Installment as indexation of construction . yes benefit of indexation on 2004or 2006
plz reply soon
thank you
Regards
Mudit

mudit gupta (CA) (330 Points)
Replied 13 January 2018

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (162550 Points)
Replied 14 January 2018

Plot purchased in 2004; Construction of house started in 2004......... If house completed in 2006, better to take indexation from 2006, unless you have registry in 2004.