Ashok Kelkar (B.Com) (143 Points)
18 July 2016Sir
One NRI staying in USA having own flat in India Purchase in 2014 sold in July 2015.
New Flat is Purchased in Oct 2015. Now my question is In ITR 4 in CG tab there is STCG details I hv filled that then what is the deduction u/s 54B 54D 54G 54GA? what is this deduction?
THEN whether you hv Permanant Establishment in India "YES" Is it correct? since he has purchased a house in India
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170785 Points)
Replied 19 July 2016
No deduction under any of section 54 available for STCG.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 19 July 2016
Section 54B gives relief to a taxpayer who sells his urban agricultural land and from the sale proceeds he acquires another agricultural land.
Section 54D of Income Tax Act provides for tax exemption on capital gains from compulsory acquisition, of land or building belonging to an industrial undertaking.
[Sec 54G] Capital Gain on Transfer Of Assets in Case Of Shifting Of Industrial Undertaking From Urban Area .
Section 54GA: Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone.
These deductions are not available in your case.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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