Section 54
This query is : Resolved
20 December 2013
Hi,
I have computed the capital
gain on sale of residential house
property .
Transfer date is 06.02.2013
Capital gain Rs.50,43,200
On 07.06.2013 client made
investment in new residential property of Rs .80,00,000 out of this investment 50%
belongs to spouse .
but for avoiding vat
,sale deed registered only for Rs
.20,00,000
How much I can get
deduction under section 54 .
20 December 2013
same as answered before. exemption upto the sale deed amount. you have saved taxes in form of VAT, stamp duty etc. So pay some on capital gains!!
21 December 2013
yes correct exemption =sale deed amount only.
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