If a person sell house of Rs. 40 lac and after calculation of capital gain are 15 lac so query is a person is liable to do purchase full 40 lac value flat or 15 lac value flat is ok, if he want to do save tax amount?
5 Replies
Kamal Verma
(Financial advisor)
(582 Points)
Replied 15 January 2020
Full sale proceeds must be invested in purchase/construction of house property to get deduction u/s 54F within the stipulated time.
deepak
(PCS)
(430 Points)
Replied 15 January 2020
One of our client had not mentioned sale value of 55 lac in his IT return a.y. 2015-16. and after calculation net capital gain is 20 lac . So query is that he is liable to pay tax on 20 Lac or he has to allow do deduction of against property purchased in a.y. 2016.17?
Kamal Verma
(Financial advisor)
(582 Points)
Replied 15 January 2020
Investment/construction in house property is eligible for deduction u/s 54F if made on or before return filling date of relevant previous year
rama krishnan
(12239 Points)
Replied 16 January 2020
In case of sale of house property and purchase of house property out of sale proceeds it is enough to invest capital gains amount I. e. 15 lakhs in your case and not necessary to invest entire net sale consideration
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