Section 54 long term capital gains
This query is : Resolved
13 July 2017
An Individual has Purchased a House Property "A" in June 2010
Sold the property A in June 2015
Invested the amount in new house property B in June 2015 anc claimed the deduction in Sec 54
Now Can he sell the property in July 2017 i.e after 2 years and before completion of 3 years
as per the new rules that holding period has been reduced to 2 years for LTCG????
Sold the property A in June 2015
Invested the amount in new house property B in June 2015 anc claimed the deduction in Sec 54
Now Can he sell the property in July 2017 i.e after 2 years and before completion of 3 years
as per the new rules that holding period has been reduced to 2 years for LTCG????
13 July 2017
it has to be he consequential change in section 54.
The period of 3 years must be reduced to 2 years.......
Please ensure the same with the new act before taking the call.
The period of 3 years must be reduced to 2 years.......
Please ensure the same with the new act before taking the call.
14 July 2017
If sold in 2017, capital gains attracts. See section 54(1)(i).
14 July 2017
Though house held for more than 24 months will be treated as long-term, Sec 54 requires the new to be held for 36 months or exemption is withdrawn.
14 July 2017
@ CA Sunil Gokhale. ....no corresponding change is made in section 54?......
14 July 2017
No change in holding period of 3 years u/s 54.
16 July 2017
well, that is to be followed then.....
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
Trending Online Classes
CAclubindia
