Mr A has earned long term capital gain of Rs 40 lakhs on 1-1-2018
A and his son has purchased jointly under construction flat of Rs 1.50 crores as per purchase agreement dated 14-11-2016
Now , in may 2018, Mr A has paid Rs 50 lakhs to the builder as per purchased agreement
pl advise whether, Mr A can avail long term capital gain eXemption
4 Replies
Uday Rathi
(133 Points)
Replied 13 October 2018
As per Sec 54F, if a residential houseproperty is purchased exemption is available
provided Mr A does not own more than 1 HP on the date of transfer.
Amount Exempt =LTCG × Amount invedted/Net Consideration.
here Net consideration = Sale Price - Transfer Exp
provided Mr A does not own more than 1 HP on the date of transfer.
Amount Exempt =LTCG × Amount invedted/Net Consideration.
here Net consideration = Sale Price - Transfer Exp
Satish Kavitake
(389 Points)
Replied 13 October 2018
here new under construction property purchased on 14-nov 16 ( i.e one year before sale date 01/Jan/2018 and payment to builder in may 2018
still he is eligible for exemption?
still he is eligible for exemption?
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