Capital Gains Tax relief
This query is : Resolved
30 January 2009
I have recently sold my flatin Kolkata.Ilive in my house in Gurgaon. I have constructed a small self-contained flat on the roof of this house, for renting out. Am I entitled to any Capital Gains Relief?
Tapas Majumdar
Tapas Majumdar
30 January 2009
had u constructed a residential house or prchased a house then u would have got the relief
30 January 2009
Reply not adequate
My Question was: Do I get any relief ofcapital gains tax for selling house in Kolkata by constructing a new self-contained flat (for renting out) on the roof of my present house in Gurgaon? Please answer in some detail.
Tapas Majumdar
My Question was: Do I get any relief ofcapital gains tax for selling house in Kolkata by constructing a new self-contained flat (for renting out) on the roof of my present house in Gurgaon? Please answer in some detail.
Tapas Majumdar
31 January 2009
Yes, Please visit
http://www.thehindubusinessline.com/mentor/2005/02/07/stories/2005020700421100.htm
http://www.financialexpress.com/news/property-investment-for-tax-exemption/213993/0
http://www.thehindubusinessline.com/mentor/2005/02/07/stories/2005020700421100.htm
http://www.financialexpress.com/news/property-investment-for-tax-exemption/213993/0
Message likes :
1 times
31 January 2009
Construction of first floor in the existing building shoud be treated as independent residential unit and is,therefore,entitled to capital gains exemption u/s 54 of the Income Tax Act,1961. Citation:- P.V Narasimhan's case reported in 181 ITR 101. Pl bear in mind that the conditions specified in that section has to be complied with for which you may visit www.incometaxindia.gov.in and refer section 54.
Message likes :
1 times
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- 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?
Trending Online Classes
CAclubindia
