Ltcg exemption under sec 54
This query is : Resolved
25 April 2013
I had the following queries on the exemption of LTCG under sec 54
1. Is buying a flat from builder considered construction of own house (which is given 3 years period) ?
2. Do we need to take physical possession along with the possession letter from builder/seller WITHIN the 2 year period or just doing an registered agreement of an under construction project within the 2 years is fine (possession taken later on when the building is completed)
Also for closure of CG account with bank do you need any other documents to submiiteed alongwith FORM G ?
1. Is buying a flat from builder considered construction of own house (which is given 3 years period) ?
2. Do we need to take physical possession along with the possession letter from builder/seller WITHIN the 2 year period or just doing an registered agreement of an under construction project within the 2 years is fine (possession taken later on when the building is completed)
Also for closure of CG account with bank do you need any other documents to submiiteed alongwith FORM G ?
27 April 2013
dear Milind
It is okay if you buy a flat from the builder but it will be completed or ready to take possession within three year but for claiming exemption either you have to pay the amount to the builder or get it deposit into the bank CG a/c before due date u/s 139(1)
It is okay if you buy a flat from the builder but it will be completed or ready to take possession within three year but for claiming exemption either you have to pay the amount to the builder or get it deposit into the bank CG a/c before due date u/s 139(1)
Message likes :
1 times
27 April 2013
Thanks, But i am still not clear. I have sold flat in Oct2011 and deposited the capital gains in Capital gains account in a govt bank. Now can i utilise this amount to buy "residential flat" by Oct2013 or Oct2014? Is the 3 year limit applicable for residential flat bought from builder or resale flat?
Also is it enought to do sale deed or possession letter is mandatory within the time period?
Also is it enought to do sale deed or possession letter is mandatory within the time period?
27 April 2013
3 year limit from the date of sale and sale deed is enough to claime the exemption
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
