Umesh Chandra Prasad (Others) (135 Points)
04 August 2016
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 04 August 2016
Look for section 54 exemption, this will get you the required CG deduction regards Tax
Umesh Chandra Prasad
(Others)
(135 Points)
Replied 04 August 2016
saurabh kumar
(Tax Consultant)
(348 Points)
Replied 04 August 2016
As per sec 54 F you can get the exemption up to amount of captal gain invested in a new residential house provided that assessee does not own more than one house excluding the new one.you satisfy the condition hence you will get the exemption no futher case law needed.
Jayesh Vyankatrao Pawar
(Accounting & Taxation)
(51 Points)
Replied 04 August 2016
HI,
1) YOU MUST PURCHASE RESIDENCIAL HOUSE PROPERY
2) WITHIN ONE YEAR OR IF CONSTRUCTION YOU WANT TO DO THEN CONSTRUCTION SHOULD BE COMPLITED WITHIN THREE YEAR.
BOTH SHOULD BE IN INDIA.
Jayesh Vyankatrao Pawar
(Accounting & Taxation)
(51 Points)
Replied 04 August 2016
HI,
1) YOU MUST PURCHASE RESIDENCIAL HOUSE PROPERY WITHIN ONE YEAR
OR
2)IF CONSTRUCTION YOU WANT TO DO THEN CONSTRUCTION SHOULD BE COMPLITED WITHIN THREE YEAR.
REINVESTMENT SHOULD BE IN INDIA
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