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
Menu
Sale of house and purchase new one in same fy 2019-20
Replies (2)
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
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...
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...
Recent Threads
- Procedure for 'inter-unit job work' under GST Act
- Advances received and Advances adjusted - HSN Summ
- TAX ON SALE OF COMPANY'S SHARES
- Refund on Hold - Section 245
- CLARITY REGARDING ESIC WAGE CALCULATION AFTER NEW
- GST Rule 14A for Export of Service with Hypothetic
- GST ON QUERY
- Initimation on AIS
- GST on sponsorship from foreign body corporate
- Revised Income tax return karna padega kya
Related Threads
CAclubindia
