Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2013 I PUR. A RESIDENTIAL PROPERTY FROM DDA ON LOAN DT 15-11-2011 AND SOLD ANOTHER PROPERTY DT. 15-12-2012(WHICH WAS PUR. ON 2004 AT 413330)RS. 2900000,I CAN CLAIM DEDUCTION U/S 54/54F IN RELATTED TO PROPERTY PUR. ONE YEAR AGO IN RALATION OF INSTALLMENT & INTT. PAID B/W 15-12-11 TO 15-12-2012 PLS GIVE ME SUGGEST

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

23 September 2013 If the property sold was purchased at least 3 years back then it will be long term Capital gain,
Hence, Sec 54 can be claimed,
Sec, 54 F can not be claimed as you are already having a residential property..

If the property was sold within 3 years from the date of purchase then it will be a short term gain,
Nothing can be claimed in any section have to pay capital gain tax on short term gain @ 15 percent..