A client has sold property 2 years back and purchased another property. till now income tax returns are not filed. So can my client take exemption u/s.54 for purchasing house property by sale of another house property and also a car ?
Regards,
JK
Menu
Sec. 54 - capital gains - query
Replies (3)
Yes. He can take the exemption of section 54 on capital gains arising on sale of house property by purchasing another house property.
Whereas gain / loss on sale of car will not be considered for the above exemption.
Regards,
Devendra Kulkarni
Sir,
1st thing... If the belated return was not filed till 1 year after the end of relevant A.Y ... the assessee can no longer file the return...
Secondly,... if the assessee has not purchased another house withing the due date of filing return, he has to deposit the amount of capital gain in a separate capital gain bank a/c maintained for this purpose to avail benefit of sec 54 .... In case he has not fulfilled the requirement , he can no longer avail such benefit..
3rdly.. no benefit on purchase of car....
CAR IS PERSONAL ASSET SO IT NOT COME IN CAPITAL GAIN
RETURN FILLING IS NOT MANDATORY BUT UPTO DUE DATE OF FILLING OF RETURN INVESTMENT IS MANDATORY
Recent Topic
- Subscription/Membership fees
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
Related Topics
CAclubindia
