Dear sir,
My Aunty has sold some old jewels for Rs.7 to 8 lacs during Dec.,14 and used this fund for constructing newly her old house.
Is she liable to pay any tax on sales?
thanks
Nagarajan
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Sale of jewels
Replies (4)
Exemption from capital gain can be claimed u/s 54F if certain conditions are satisfied.
Exemption u/s 54 will be available if new residential House is purchased within the time limit, or
New property is constructed within the time imit.
I am not sure about substantial renovation of old house being covered under this section. Can you confirm Poornima?
But if u observe the query, it is mentioned as 'constructing newly old house'. So i presumed it not to be renovation. If renovation, u r right, no exemption u/s 54F.
Isn't TCS applicable for such jewelry sale??
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