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F.A.Q. on Indian Income Tax Laws!
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A blog to refer as solution to your problem about Indian Income Tax Laws. Readers can also ask question on Income Tax. The format of blog is kept as F.A.Q .
Recent Posts Tagged With '54f'
How to Minimise Tax on Gains on Sale of HUDA Land ?
I bought a Residential Plot from HUDA in Ambala in the yr 1998 and got the Conveyance Deed done in 2004. Now i am planning to sell it off as soon as I find a buyer. I am also planning to reinvest the sale proceeds into another Residential Property at...
Can You Claim Exemption u/s 54F for Modification or Expansion of An Existing House ?
No , said the Kerala High Court in Meera Jacob vs ITO [ dt of order 9/06/2008 ] 313 ITR 411 . The small order of Hon,ble High Court is as under : The question involved is whether the assessee, in the computation of long term capital gains...
Claim of Exemption for Right to Buy Flat Is Valid
I sold a piece of land in April 2004 with LTCG of Rs 1600000/. At the cost of 1800000/ got the right of purchased OF FLAT endorsed in my favour by the person who originally booked the flat with builder in APR05 .Original allottee has paid to the buil...
Can Exemption u/s 54F Be Claimed For Buying Two Adjacent Flats Joined By Breaking Internal Wall?
I plan to buy two adjacent flats in Mumbai. These two flats are already joined by breaking-down the internal wall between these flats. As these two flats are in the name of two different people (spouse of each other) there would be two sale agreement...
Can You Get Exemption U/s 54F Even If Builder Does Not Complete House Within Three Years?
We have sold a old land long term asset and invested for the purchase and construction of a flat in a apartment in Bangalore, with the one year of sold of asset and claimed deduction u/s 54 f of income tax act, but later the builder is not completed ...
Can You Get Exemption U/s 54 or 54F If House Is Taken On Lease?
I am about to purchase a part of house (Linter) in rural Himahcal Pradesh out of my long term capital proceeds. But as per the local by laws outsiders of Himachal cannot purchase such property in rural area... Only via media is that I get the same on...
Can You Claim Exemption For Two Separate Years For Investment In same House ?
I have been allotted shares of an US company under ESOP scheme in 1996. these shares are not listed abroad. I have sold some of these shares in FY 05-06 and invested the consideration in a residential property. I have availed the exemption u/s 54F to...
Do The Capital Gains On Sale Of Residence Get Better Treatment Than Gains On Commercial Property?
I have recently sold my Commercial property for 31.5 lakhs which was purchased in 1999-2000 for 5 lakhs.According to my CA our capital gains comes around 15 lakhs & we have to pay 20% as a Long term capital gain tax.I want to have clarity on foll...
Here Is A Recent Good Decison For All Claimants of Dedcution Under Section 54F !
I sold a flat in Sep'07 and intend to re-invest (jointly with mother) in another (self-occupied).1) Can the LTCG made on sale of flat be re-invested any time before due date for filing return (31-7-08) or do we have to deposit the LTCG in the capital...
A Tale Of Gifts Between Mother & Daughter!
My daughter was holding one plot of 9000 sq. ft bought in 1995 and in 2007 she has gifted this plot to her mother by way of settlement deed.My question is can her mother sell this plot under long term capital gain tax and if she reinvest this amount ...
