Capital gains
This query is : Resolved
15 September 2012
can exemption u/s 54 & 54F be taken on purchase of single property ?
If yes/ No, is there any case law in this respect
If yes/ No, is there any case law in this respect
15 September 2012
No. There need not be any case law in this. The sections are crystal clear. 54 is for long term capital gain arising out of sale of immovable property being residential property. 54F is for "not being a residential house"
16 September 2012
Agree with the expert.
17 September 2012
Sir I am talking about the purchase of new property.
If I have LTCG from the sale of residential property and sale of any asset other than residential property and if I purchase 1 Property than can i take exemption u/s 54 & 54F both for that 1 property purchased ?
If I have LTCG from the sale of residential property and sale of any asset other than residential property and if I purchase 1 Property than can i take exemption u/s 54 & 54F both for that 1 property purchased ?
17 September 2012
Can you have an APPLE and eat it too? The exemption claimed u/s 54 can not be again claimed u/s 54F. (Since you are stretching the imagination too far,..... if 54 LTCG has occured first, then 54F LTCG AND some portion of the value of new flat is left un availed for exemption, then you can have your view come true)
17 September 2012
ok thanks the bracket portion was I really wanted to know.
Is there any case law in this regard ?
Is there any case law in this regard ?
17 September 2012
No case law required. The bracketed portion has LOT of read through / between the lines. Please chaeck those dates. The 54F exemption is available if and only if the assessee DOES NOT own any other house as on the date of TRANSFER. Please go through the entire exercise with a cool and level headedness. Best of luck.
17 September 2012
ok Thanks a ton
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
