Capital Gains:
This query is : Resolved
10 June 2009
Dear Expert,
An individual Mr.X has invested money got from sale of his long term capital assets (capital gains) in buying of a flat with in 6 months and entered into a agreement of sale with the developer.
a. In case Mr.X, registers the flat in semi-finished stage & enters into a separate construction agreement with developer with in two years can he eligible to claim benefit of capital gains tax.
b. If yes does Mr. X needs to give any other proof than registered document.
c. For taking benefit of capital gains under purchase option, completion of flat & occupancy certificate is necessary.
Regards,
Gopi
An individual Mr.X has invested money got from sale of his long term capital assets (capital gains) in buying of a flat with in 6 months and entered into a agreement of sale with the developer.
a. In case Mr.X, registers the flat in semi-finished stage & enters into a separate construction agreement with developer with in two years can he eligible to claim benefit of capital gains tax.
b. If yes does Mr. X needs to give any other proof than registered document.
c. For taking benefit of capital gains under purchase option, completion of flat & occupancy certificate is necessary.
Regards,
Gopi
11 June 2009
Completion and occupancy certificates will prove that it is residential house.
Purchase / construction has to be completed within specified period.
It will not work.
Purchase / construction has to be completed within specified period.
It will not work.
11 June 2009
If the flat is not completed or full payment is not made then he will have to deposit the balance amount in capital gain account with any nationalised bank and withdraw as and when payment is made. The house should be completely constructed within 3 years
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- 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
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
