S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 23 July 2008
It will. To get exemption, it should be a longterm capital asset (held for more than 36 months), the sale proceeds of which is invested, atleast to the extent of capital gain, in purchase of new residential property within a period of one year before the sale or two years after the sale or consruct a residential house within three years of sale and retain the new property at least three years from the date of acquisition.
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 23 July 2008
|
S No.
|
Section
|
54
|
|
||
|
1
|
Kind of asset transferred
|
Long-Term Capital Asset being House Property used for residential purpose
|
|
||
|
2
|
Eligible Assessees
|
Individual & HUF
|
|
|
|
|
3
|
Condition of period of holding original Asset
|
3 Years
|
|
||
|
4
|
Condition of utilization of consideration
|
Purchase of Residential Housewithin 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from the date of transfer
|
|||
|
5
|
Exempt Amount
|
The amount of gainor, the cost of new asset, whichever is less
|
|
|
|
|
6
|
Other requirements
|
See Notes 1, 2 & 4
|
|
|
| S No. | Section | 54F | 54G | 54GA |
|
1
|
Kind of asset transferred
|
Any long-term capital asset other then residential house
|
Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
|
Land or Building or any right therein or Plant or Machinery in Urban Area used for the business
|
|
2
|
Eligible Assessees
|
Individual & HUF
|
ALL
|
ALL
|
|
3
|
Condition of period of holding original Asset
|
1 Year for Shares, Listed Securities, Units of UTI/Mutual Fund specified u/s 10(23D), Zero-coupon bonds, 3 years for other capital assets
|
No period specified
|
No period specified
|
|
4
|
Condition of utilization of consideration
|
Purchase of Residential House within 2 years after or 1 year prior to date of transfer; or construction of residential house within 3 years from date of transfer
|
Acquire similarassets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer
|
Acquire similar assets & incur expenses on shifting original asset, within 1 year before, or 3 years from the date of transfer.
|
|
5
|
Exempt Amount
|
Refer Note No. 5
|
The amount of gain or the aggregate cost of new asset, and shifting expenses, whichever is lower
|
The amount of gain or the aggregate cost of new asset, and shifting expenses, whichever is lower.
|
|
6
|
Other requirements
|
Must not own morethan 1 residential house other than the new asset on the date of transfer of original asset; See Notes 2, 3, 4
|
Must have been shifted to non urban area; See Notes 1 & 2
|
Must have been shifted to Special Economic Zone; See Notes 1 & 2
|
CAclubindia
