23 February 2011
My query regarding a capital gain transction is as follows.
If I sold a land(non agricultral) for 60 lakhs registered value and bought a residential house for 40 lakhs (registered value)what will be the treatment on the remaining 20 Lakhs. Also can I claim furniture and other developments as capital expenditure along with the purchase value and will the same be exempt u/s 54/54F.
23 February 2011
You sold land (assumiing long term) at 60 lacs ang bought residential house for 40 lacs, you will get deduction u/s 54F of the IT Act.The deduction will be calculated as follows: Cost of NEw House x Capital Gain / Net Consideration
Furniture and other development will not be allowd u/s 54F of the IT ACT
You will not get any kind od deduction u/s 54 of the IT Act
CAclubindia
