Income-tax u/s 54 f
This query is : Resolved
30 December 2011
My Client is already having a residencial House Property. Now he is selling a vacant land for Rs 10.00 lakhs and land was purchased for Rs 1.00 in the year 1996-97, after adopting indexed cost he wants to invest in purchasing of another residencial house of the entire Capital Gain. Can he avail exemption u/s 54 F.
30 December 2011
Dear Ravikanth
Yes as per my opinion he can avail the benefit of 54F (With regards of given set of information)
Regards
Yes as per my opinion he can avail the benefit of 54F (With regards of given set of information)
Regards
30 December 2011
Full Exemption u/s 54F could be taken subject to investment of full sales proceeds in the residential house property and not the capital gains only subject to fulfillment of other conditions prescribed u/s 54F.
30 December 2011
Yes assessee can purchase hp provided he dose not have more than 1 hp on the date of sale of land.
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