long term capital gain
This query is : Resolved
10 July 2009
Greetings from Kakei
Sir,
I have a residential land in my name purchased in the year 1993.Now I want to sale it and purchase another land using this consideration.
1. What will be the LTCG amount?
2. Should I invest total sale considerations
for the new purchase in order to avail full exemption from LTCG Tax or only the LTCG amt.
3.What is the time limit within which i should purchase the new one to avail exemption.
Thank you Sir.
Sir,
I have a residential land in my name purchased in the year 1993.Now I want to sale it and purchase another land using this consideration.
1. What will be the LTCG amount?
2. Should I invest total sale considerations
for the new purchase in order to avail full exemption from LTCG Tax or only the LTCG amt.
3.What is the time limit within which i should purchase the new one to avail exemption.
Thank you Sir.
10 July 2009
In case if land in agriculture land and conditions specified in sec 10 is applicable in such case it is exempted Also exemtion u/s 54 is avauilable. For that investment amount is net consideration. Investment in new assets on or before filing of return or with in time period u/s 139 whichever is earlier
10 July 2009
Hi,
If the residential land is sold and another residential land is purchased then there is no exemption from LTCG. If it is residential house, then only you can claim the deduction.
If the residential land is sold and another residential land is purchased then there is no exemption from LTCG. If it is residential house, then only you can claim the deduction.
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?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
