Ankush sharma (Auditor Article Assistant) (816 Points)
04 July 2012Q1 can we claim deduction of Sec 54b and 54f in case of residentail building used for the purpose of
a, commercial purpose
b, letting out
c, building used by the employees as rent free accomodation
Q2 If we have the option to take exemption as well as STCG/LTCG losses what should be claim first claimed exemption or setoff ?
Example
LTCG 100000
STCG (100000)
exemption u/s 54b available 50000
Aman
(STUDENT)
(47 Points)
Replied 04 July 2012
Ankush sharma
(Auditor Article Assistant)
(816 Points)
Replied 04 July 2012
| Originally posted by : Aman | ||
 |
Q1 Yes u cn take exemption for al 3... Q2.. First utilize the exemption u/s 54b then set off the short term loss coz loss cn be c/f to next year but exemption cannot be.... |
 |
thanx aman
can u please tell me in option 3 querry house property is taxable us 28 under PGBP
CAN ASSESSEE CLAIM BENEFIT US 54 though property sold is a residential house but not taxable u/s 22
i have seen in book that exemption cannot be claimed in that case
Vandana Mulchandani
(Finance Manager )
(9227 Points)
Replied 04 July 2012
Answer to Q1 -
Seciont 54B clearly mentions exemption is allowed on capital gain from transfer of land used for agriculatural purpose and not residential house.
Section 54F states that exemption of capital gain from transfer of long term asset other than house property by purchasing a residential house
Ankush sharma
(Auditor Article Assistant)
(816 Points)
Replied 04 July 2012
| Originally posted by : Vandana Mulchandani | ||
|
|
Answer to Q1 - Seciont 54B clearly mentions exemption is allowed on capital gain from transfer of land used for agriculatural purpose and not residential house. Section 54F states that exemption of capital gain from transfer of long term asset other than house property by purchasing a residential house |
|
correct
but my querry is for sec 54 exemption for residential house property used u/s 28 not taxable u/s 22
Aman
(STUDENT)
(47 Points)
Replied 16 July 2012
CAclubindia
