Long term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 August 2016
SIR,
AN INDIVIDUAL HAS SOLD HIS ANCESTRAL LAND FOR RS.60.00 LACS AND GIVEN ADVANCE OF RS. 100.00 LACS WITHIN SIX MONTHS FOR PURCHASE OF LAND ON WHICH HOUSE TO BE CONSTRUCTED IN NEAR FUTURE.
SIR, WHAT WILL BE CAPITAL GAIN TREATMENT IN THIS CASE
WITH REGARDS
AN INDIVIDUAL HAS SOLD HIS ANCESTRAL LAND FOR RS.60.00 LACS AND GIVEN ADVANCE OF RS. 100.00 LACS WITHIN SIX MONTHS FOR PURCHASE OF LAND ON WHICH HOUSE TO BE CONSTRUCTED IN NEAR FUTURE.
SIR, WHAT WILL BE CAPITAL GAIN TREATMENT IN THIS CASE
WITH REGARDS
04 August 2016
The cost of construction of a residential house may be claimed deduction u/s 54F. Please refer the provisions of section 54F.
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