property has been acquired by KIADB for B'lore Metro Project, they have given the compensation .how to treat this,what are the exemptions available.
it is a residential property they have deducted the Tax also.
3 Replies
SRINIVASA MURTHY
(Asst Manager (Finance))
(186 Points)
Replied 11 June 2010
When the transfer of a capital asset is by way of compulsory acquisition under any law, the compensation received on such transfer will b taxed as CAPITAL GAINS. there are exceptions when such compensation received u can claim dedution U/s54 by purchasing a new residential house property with in 2 years from the receipts of compensation from the govt.
Basavaraju.B.R.Gowda
( Student)
(186 Points)
Replied 11 June 2010
it is acquired in the year 08-09, we have not yet filed the return of income for that period can we eligibleto claim exemption now u/s 54 since we have not yet filed the return
SRINIVASA MURTHY
(Asst Manager (Finance))
(186 Points)
Replied 11 June 2010
it is not the subject matter in which year it is acquired by the government,
but year in which the compensation received is taxable and from that date with in 2 years you need to purchase a new house for avoiding the on capital gains.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
