if an assessee sells a residential property within three years of purchase after availing tax exemption under section 54F and then buys another residential property. Whether since assessee invested sae proceeds of second house again in purchase of new house residential house with in period of two years, the exemption can still be maintained ?
Menu
Section 54F exemption on reinvestment
Replies (2)
Quick Summary
As per my opinion first new house was sold within three years, the exemption claimed under Section 54F would be withdrawn. It means capital gains from the original sale would become taxable in the year in which the first new house was sold, irrespective of the subsequent investment in another residential house. But i also recommedated to you consult more professional.
Read more conditions of sec 54f
Recent Topics :
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
- Scanned purchase bills to Tally XML with GST check
- TDS applicability of foreign remittance to Oracle
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
Related Topics :
CAclubindia
