Exemption u/s 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2012
Hi Please clarify my doubt.
I sold a flat and built a house. I took Hsg loan and loan from father while constructing the new house as sale proceed from flat took time to flow. If i repaid my father and Hsg loan lumpsum could it be treated as invetsment in new house.
All other provision of Sec 54 fulfilled. Sale of old flat regd before new house got completed.
Kindly help!
I sold a flat and built a house. I took Hsg loan and loan from father while constructing the new house as sale proceed from flat took time to flow. If i repaid my father and Hsg loan lumpsum could it be treated as invetsment in new house.
All other provision of Sec 54 fulfilled. Sale of old flat regd before new house got completed.
Kindly help!
31 October 2012
yes it would be treated as investment in new home..you can avail the exemption under sec 54
31 October 2012
Hi
As per S/54 If an assessee has within a period of one year before or two years after the date on which the transfer took place purchased,
or has within a period of three years after that date constructed, a residential house then he can claim exemption.
Rgds//Vaibhav
Click thank button to convey your appreciation.
As per S/54 If an assessee has within a period of one year before or two years after the date on which the transfer took place purchased,
or has within a period of three years after that date constructed, a residential house then he can claim exemption.
Rgds//Vaibhav
Click thank button to convey your appreciation.
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- 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
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
