I had purchased a house in june 2023 for Rs 1 crore it was a flat booked and balance 20 percent payment is still payable as it is under construction and expected delivery is novemeber 2024. . i have sold 2 small residential propertiesin FY 24 against this flat where the capital gain after indexation is 4 lakh In august 2024 i intend to sell a commercial shop of 50 lakh which has a capital gain of 30 lakh other then these i own my residential flat currently staying and 3 small residiential flats . will i be allowed tax exemption U/S 54 in FY 24 & FY 25
Menu
TAX EXEMPTION U/S 54
Replies (2)
Quick Summary
You are not eligible to claim exemption of LTCG of Commercial property u/s. 54F of IT act. Any LTCG over house properties can be claimed u/s. 54 of IT act.
Sell and purchase must be consecutive .
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
