20 December 2013
Hi,
I have computed the capital
gain on sale of residential house
property .
Transfer date is 06.02.2013
Capital gain Rs.50,43,200
On 07.06.2013 client made
investment in new residential property of Rs .80,00,000 out of this investment 50%
belongs to spouse .
but for avoiding vat
,sale deed registered only for Rs
.20,00,000
How much I can get
deduction under section 54 .
20 December 2013
same as answered before. exemption upto the sale deed amount. you have saved taxes in form of VAT, stamp duty etc. So pay some on capital gains!!
CAclubindia
