Dear all,
In this case , person sold residential plot and also within two years he bought again a residential house with commercial shop in front of that house. How to treat this?
Murali
MURALIDOSS (INCOME TAX PRACTITIONER) (1314 Points)
24 February 2018Dear all,
In this case , person sold residential plot and also within two years he bought again a residential house with commercial shop in front of that house. How to treat this?
Murali
Shashikant Sharma
(Study)
(288 Points)
Replied 24 February 2018
As per u/s 54 of Income tax Act, provide us the locking period of 3 Years, in which assessee can't sale the reinvested property otherwise the LTCG will be reduce from the cost of property which is sold by assessee.
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1314 Points)
Replied 24 February 2018
in this case , he bought a house includes commercial shop too. my question is re-investing must be only in residential house or both (commercial complex, shop., etc.,)?
Shashikant Sharma
(Study)
(288 Points)
Replied 24 February 2018
Shashikant Sharma
(Study)
(288 Points)
Replied 24 February 2018
Shashikant Sharma
(Study)
(288 Points)
Replied 24 February 2018
Sini Mol
(13 Points)
Replied 24 February 2018
Sini Mol
(13 Points)
Replied 24 February 2018
Shashikant Sharma
(Study)
(288 Points)
Replied 26 February 2018
Genuine hardship means situation wich is out of our control, like natural calamity etc than in that case deptt. can condone the contravention provision of act.
CAclubindia
