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Sale of house and purchase new one in same fy 2019-20

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Chartered Accountant
30 Points Posted on 27 September 2020
I have purchased house for Rs
6.00 lakhs in 2002. Sale the same for Rs 31.50 lakhs in February 2020 and purchase new one from the sale proceeds for Rs 28.00 lakhs. Pl advise me for implications of capital gain
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On 27 September 2020 at 14:25 Report
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student
216 Points Posted on 27 September 2020
There won't be any taxable income in capital gain if deduction is taken u/s 54. Make sure to disclose correctly while filling ITR
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On 27 September 2020 at 14:58
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Tax and Business Consultant
11616 Points Posted on 27 September 2020
Yes, there is no Capital Gain tax after claiming Deduction under section 54.
But you have to disclose all this all things
like Sale Consideration 31.50 lakh less indexed cost = Long term capital Gain and that Gain invested in new property u/s 54 ect...
66 Reply
On 27 September 2020 at 16:14


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