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sec. 54F

Tax queries 404 views 2 replies

somesh kumar agarwal

CONSULTANT

39 Points Joined June 2009

Dear friends,

One of my client has sold the new house within 1 year from the date of acquisition after availing deduction U/S 54G.In such case deduction allowed earlier will be withdrawn .But what will be the situation if he purchases another new house in the same year and invested the entire sales consideration in the new house...Plz. clarify..

Replies (2)

Manivannan.C

article clerk - CA pcc 1st grp cleared

80 Points Joined September 2009

he claimed exemption under 54f of 54G?? 54G is for transfering from urban to rural na?

Guest

dear somesh

plz specify that ur friend claimed exemption under section 54 or 54F. this is sure that this is not section 54G.if he claimed exemption under sec 54 then he will be liable to pay stcg but if covered under sec.54G then he will be liable to pay stcg and for earlier exempted amount he can claim exemption again.

regards

tarun rustagi