X has bought one house property in 2015-16,
this property was dismantled and sold as a plot of land in 2019-20
Menu
Whether exemption under capital gains eligible for the following case
Replies (1)
LTCG for Real estate is 2 years.. earlier it was 3 years...
so it is a LTCG...
If you Treat it as Residential Property you can Claim Deduction us 54 of Income Tax if you Purchase another Residential Property within 2 years (However sec 54 says that the Residential Property sold must have been charged under House Property) If you have filed ITR please check if it shown in Previous ITR as House Property..
Us 54F you can claim Deduction if it is not treated as Residential Property and if You purchase a Residential Property within 2 years.. However this deduction will not be available if you already have more than One Residential Property..
so it is a LTCG...
If you Treat it as Residential Property you can Claim Deduction us 54 of Income Tax if you Purchase another Residential Property within 2 years (However sec 54 says that the Residential Property sold must have been charged under House Property) If you have filed ITR please check if it shown in Previous ITR as House Property..
Us 54F you can claim Deduction if it is not treated as Residential Property and if You purchase a Residential Property within 2 years.. However this deduction will not be available if you already have more than One Residential Property..
Recent Threads
- AGM WITH SHORTER NOTICE
- 15CA/15CB Bulk Filing Automation Tool – Need
- GSTR 9 FY 2023-24 LATE FEE
- Should we go under Section 59 of IBC or Section 27
- HUF'S ISSUE
- Gst interest and penalty doubts
- TDS RATE ON RENT FOR NRI
- NBFC costing
- Taxablity of GSLI under Income Tax
- Final new course clarification
Related Threads
CAclubindia
