Capital gains tax & exemptions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2015
Q.1
I am a tenant of a residential flat since 1991.
Now, the Landlord has entered in to a JV with a developer.
The both has offered me compensation against surrender of my tenancy.
The compensation amount is about 10 lacs.
What will be my Tax liability on the said amount.
Q.2
Also I bought a flat 11 months ago and has taken Housing Loan. Can this compensation amount of 10 lac be adjusted against the cost of Flat, which I bought 11 months ago.
Q.3
If I buy a new Flat within 3-4 months , Can this compensation amount of 10 lac be adjusted against the cost of Flat
If possible some case laws be arranged.
I am a tenant of a residential flat since 1991.
Now, the Landlord has entered in to a JV with a developer.
The both has offered me compensation against surrender of my tenancy.
The compensation amount is about 10 lacs.
What will be my Tax liability on the said amount.
Q.2
Also I bought a flat 11 months ago and has taken Housing Loan. Can this compensation amount of 10 lac be adjusted against the cost of Flat, which I bought 11 months ago.
Q.3
If I buy a new Flat within 3-4 months , Can this compensation amount of 10 lac be adjusted against the cost of Flat
If possible some case laws be arranged.
11 September 2015
Yes. Benefit under Section 54 is available to you with respect to the flat purchased earlier.
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- ITR 6 Schedule CFL and UD Issues
- Not a CA , can we prepare balance sheet
- FREELANCING ACCOUNTANT
- TDS RATE ON RENT PAID TO NRI
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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 Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
CAclubindia
