Capital Gains
This query is : Resolved
24 May 2010
HI, one of my friends has a query
He is got 2 houses House 1 is in Navi Mumbai which is owned by him since 1998.
He is recently bought a new house in Mumbai against a Bank Housing Loan.
He plans to sell his Navi Mumbai House and Pay Off the Housing Loan on his New House.
Can this repayment be considered under the exemtptions u/s 54 on Capital Gains of Income Tax Act
Any Advice/Suggestions are Welcome
He is got 2 houses House 1 is in Navi Mumbai which is owned by him since 1998.
He is recently bought a new house in Mumbai against a Bank Housing Loan.
He plans to sell his Navi Mumbai House and Pay Off the Housing Loan on his New House.
Can this repayment be considered under the exemtptions u/s 54 on Capital Gains of Income Tax Act
Any Advice/Suggestions are Welcome
24 May 2010
For claiming the exemption u/s 54 assessee should deposited capital gain investment account within due date of furnishing Returns.
24 May 2010
Hi,
I do understand the Investment aspect but the question here is
Can a Sale Consideration of HP in Navi Mumbai which is being intended for Repayment of the Housing Loan of a New HP purchased less than a Year... will enable the Assessee for exemptions from Capital Gains
I do understand the Investment aspect but the question here is
Can a Sale Consideration of HP in Navi Mumbai which is being intended for Repayment of the Housing Loan of a New HP purchased less than a Year... will enable the Assessee for exemptions from Capital Gains
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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
Trending Online Classes
CAclubindia
