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
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
(Tax and Business Consultant)
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...