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Capital gain tax query

678 views 4 replies

Mohan Kumar

Company Secretary

62 Points Joined June 2008

Hi Friends,

I have a query. Pl. help.

Mr. X has 3 properties.

Property A - flat - Bought 9 years ago. (No loan outstanding)

Property B - flat - Bought 3 years ago.

Property C - House - Bought 1 year ago. (Housing loan outstanding).

He wants to sell Property A and pay the outstanding loan towards property C bought an year back.

Will he get the tax benefit under Sec 56 F or any other section as he utilizes the capital gains towards the property he purchased an year back?

Please help.

Thanks

Mohan Kumar

Replies (4)

CA Namita Ganatra

Self

70 Points Joined October 2009

Section 54 of the IT Act delas with exemption for capital gains arising from transfer of residential house. Seeing the facts of the case apparently Mr. X can clain exemption u/s. 54.

CA Namita Ganatra

saurabh

ASST FINANCE MANAGER

45 Points Joined September 2009

Originally posted by :CA Namita Ganatra
"	i agree with Namita	"

saurabh

ASST FINANCE MANAGER

45 Points Joined September 2009

Originally posted by :CA Namita Ganatra
"	i agree with Namita	"

deep chatterjee

NOT APPLICABLE

21 Points Joined February 2010

MY MATERNAL UNCLE AND MOTHER HOLD SHARES IN THEIR ACCOUNT FOR MORE THAN A YEAR. NOW IF THEY TRANSFER THEIR SHARES TO MY ACCOUNT AND IF I SELL THEM OFF PAYING STT, THEN WILL WE INCUR ANY CAPITAL GAIN TAX?