Capital Gain deduction fy-23-24
This query is : Resolved
13 May 2024
Sir/Madam
I have sale my house for Rs. 30 lacs and made following investment in May 24
> Invest in Open Plot in joint name of my son. total sales proceeds invested in this plot
> Balance amount of open plot -loan taken by my son from finance company.
Can i eligible deduction from capital gain arise from sale of my house rs.30 lacs
Please guide me.
I have sale my house for Rs. 30 lacs and made following investment in May 24
> Invest in Open Plot in joint name of my son. total sales proceeds invested in this plot
> Balance amount of open plot -loan taken by my son from finance company.
Can i eligible deduction from capital gain arise from sale of my house rs.30 lacs
Please guide me.
13 May 2024
Unless, you wish to construct house property over it, the exemption is not available over purchase of plot.
13 May 2024
Within how many years construction will be completed?
Under which section deduction is available?
Under which section deduction is available?
13 May 2024
The house property should be constructed within 3 years from the sale of your earlier HP.
In this case sec. 54 IT act, 1961 will be applicable.
In this case sec. 54 IT act, 1961 will be applicable.
07 September 2024
Good Luck.
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