My client has claim an exemption u/s. 54F by purchasing a resi house,
now he is selling this property i.e. within 3 years,
gain calculated on sale of this resi house should be treated as long term or short term
urvi jitendra bhavsar (CA Final Student) (116 Points)
15 May 2010My client has claim an exemption u/s. 54F by purchasing a resi house,
now he is selling this property i.e. within 3 years,
gain calculated on sale of this resi house should be treated as long term or short term
C.Balaji
(Learner)
(1867 Points)
Replied 15 May 2010
Dear urvi jitendra bhavsar...
Since not held for more than 36 months i.e. 3 years....Short term capital asset and therefore....
SHORT TERM CAPITAL GAIN....
Moreover the amount allowed as exemption u/s 54F will be taxed now....
CA Punit GoSwaMi
(Chartered Accountant)
(310 Points)
Replied 17 May 2010
Nope it is Taxable as Long Term...Read Section 54F Properly
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 17 May 2010
Dear Urvi,
The amount of capital gains arising from the transfer of original asset,which was not taxed earlier,will be deemed to be the income by way of long term capital gains
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