28 July 2012
Mrs X sold house property at Rs. 1.20 crores and purchase another property at Rs. 1.35 crores. she uses Rs. 1.20 crores, the sale proceeds of property sold and balance Rs. 0.15 cores, the sale proceeds of jewellery for making payment of new property purchased. the exemption is clearly available for selling house by purchasing new house. Question is can she claim exemption of jewellery sold Rs. 15 lakhs by showing purchase of new house. in other words, can she claim exemption if she bought only a house for house and jewellerty sold.if not how can she reduce her tax liability.pls reply urgently
31 July 2012
Rs 15 lakhs is exempt u/s 54F if she hold not more then one house at a time of purchase of new property. and gain arise from such transfer is long term capital gain....
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