Regarding deduction
This query is : Resolved
12 March 2014
One of my friend has sold flat of rs 2500000
in the year 2011 april but in the sale deed the amt of sale is being showed at rs 900000
and now he has the purchased land for rs 2900000 and made construction of house under joint ownership by contributing an extra amount of rs 1500000 in the year 2012 and sold the same house for rs 5100000 in the year 2013
can he claim deduction under any of the section of income tax act for construction of house under joint ownership while calculating capital gain.
in the year 2011 april but in the sale deed the amt of sale is being showed at rs 900000
and now he has the purchased land for rs 2900000 and made construction of house under joint ownership by contributing an extra amount of rs 1500000 in the year 2012 and sold the same house for rs 5100000 in the year 2013
can he claim deduction under any of the section of income tax act for construction of house under joint ownership while calculating capital gain.
12 March 2014
No deduction can be claimed. He can invest capital gain amount upto Rs. 50 Lacs in bonds as per Sec 54EC.
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