capital gains
This query is : Resolved
18 April 2010
The Residential Flat stands in the name of mother. She has two sons. Due to family disputes they want to seperate. Mother sold her flat and out of the proceeds bought 3 flats in her name. Can she avail exemption from Long term Capital Gains on sale of residential property?
Please suggest if any other way except investment in govt bonds to save Long term Capital Gains
Please suggest if any other way except investment in govt bonds to save Long term Capital Gains
18 April 2010
Mother can claim reinvestment benefit only for one flat out of three bought by her.
Citation:- K.C Kaushik Vs. ITO (1990) 185 499 ITR (Bom).
However the Bangalore and Mumbai tribunals had taken a differnt view menaing thereby exemption u/s 54 had been allowed for reinvestment in more than one house.
Citation:- K.C Kaushik Vs. ITO (1990) 185 499 ITR (Bom).
However the Bangalore and Mumbai tribunals had taken a differnt view menaing thereby exemption u/s 54 had been allowed for reinvestment in more than one house.
19 April 2010
There is no bar on acquiring more than one residential house of of proceeds of one residential house. Deduction is available u/s. 54
D. Anand Basappa V. ITO 2004 91 ITD 53 ( Bang.), ITO V. P.C. Ramkrishna 2007 108 ITD 251 ( Chennai ) , Prem Prakash Bhutani V. CIT 2007 110 TTJ ( Delhi ) 440.
D. Anand Basappa V. ITO 2004 91 ITD 53 ( Bang.), ITO V. P.C. Ramkrishna 2007 108 ITD 251 ( Chennai ) , Prem Prakash Bhutani V. CIT 2007 110 TTJ ( Delhi ) 440.
19 April 2010
agree with experts
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- 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
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
