Mihir (Wealth Manager) (5293 Points)
15 March 2015An individual sold a property in FY 2014-15 and incurred a LTCG of Rs. 45 lacs.
He purchased a new property in the same FY 2014-15 worth 39 lacs.
Now he wants to sell the new property worth 39 lacs for 40 lacs in FY 2015-16. From that he wants to purchase a land and construct a new house in FY 2015-16, and then claim deduction u/s 54 for constructing a new house only.
How will he be assessed in FY 2014-5 and FY 2015-16?
Thanks
Intermediate Student
(-)
(644 Points)
Replied 15 March 2015
Intermediate Student
(-)
(644 Points)
Replied 15 March 2015
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2015
Intermediate Student
(-)
(644 Points)
Replied 16 March 2015
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2015
If he sells this new property to construct a new house and claim exemption u/s 54, does he have to deposit the sale proceeds first in capital gain deposit account or normal bank transactions will be acceptable?
Intermediate Student
(-)
(644 Points)
Replied 16 March 2015
Kakileti Uday Kumar
(ArticleD AssistanT)
(23 Points)
Replied 29 March 2015
When one person 'A' transfers a property to another person'B'(no family) only with Possession rights(i.e., only usage rights but no right to sale that property).then the real owner 'A' has any right to sell that property in any circumstance or who has the right to sell that property? and if 'B' dies, what is the status of that property?
Anyone plz clarify my doubt and if possible please mention the section of the Act related to my query.....Thank You
CAclubindia
