Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Captial gains

MURALIDOSS (INCOME TAX PRACTITIONER) (1329 Points)

24 February 2018

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

Reply
Follow
Share

8 Replies

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.

Upgrade to CAclubindia Pro. Subscribe Now!

MURALIDOSS (INCOME TAX PRACTITIONER) (1329 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

As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.

Shashikant Sharma (Study) (288 Points)
Replied 24 February 2018

As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.

Shashikant Sharma (Study) (288 Points)
Replied 24 February 2018

As per sec.54 you can claim exemption only if you reinvest in residential house property otherwise not.

Upgrade to CAclubindia Pro. Subscribe Now!

Sini Mol (13 Points)
Replied 24 February 2018

please help me know what is genuine hardship and 1 example for it.

Sini Mol (13 Points)
Replied 24 February 2018

please help me know what is genuine hardship and 1 example for it.

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.