Comments on: Capital Gains exemption u/s 54F: Capital Gain on Transfer of Asset, other then a Residential House (Sec. 54F)

By: saurabh

saurabh — Thu, 13 May 2010 06:08:27 +0000

Purchase Agriculture Land F/y 2002-03 Rs 300,000/- CII 447
Registry Exp F/y 2004-05 Rs 33,455/- CII 480

Sales Agriculture Land F/y 07-08 Rs 22,00,000/-
30/07/2007 Rs . 10 Lac
31/01/2008) Rs 12 Lac

Out of Rs 22 Lac
For New House Purchase
Rs . 3 Lac 01/09/2006 (Advance)
Rs. 10 Lac 16/5/2007 (Advance)

Balance Rs 9 Lac Use his business not deposite in Capital Gain A/c scheme.

F/y 08-09
For New House Purchase
Rs . 2 Lac (advance) March 2009

F/y 09-10
For New House Purchase
Rs . 4 Lac (advance) April 2009

He is not shown any information related to capital gain in his ITR file on 30/09/2008.

What is consquence during the AY 09-10.
Can he eligible for 54 F or Not.

By: shivdas Mahto

shivdas Mahto — Mon, 12 Apr 2010 09:09:49 +0000

i have purchased a residential flat on feb 2002 at acost of 5.56 lakhs , I have availaed the IT rebate on housing. Now i want to sell my house for purchasing a shop in my & spouse name. how can save in long term capital gain. Pl. advice me.

By: shayam shah

shayam shah — Fri, 12 Feb 2010 08:15:24 +0000

Dear sir,
in march 1993 ihad taken house in the 3,61,000.and it is sold in december 2009.
pl. give me detail for the property gain tax. and how i can save it .
thanks and regards
shyam shah

By: Kalyanmoy

Kalyanmoy — Thu, 28 Jan 2010 06:58:44 +0000

I have purchased a residential flat in June 2008 and used part of the cost (Rs 20 lakhs) from capital gains from “other than residential property” to avail capital gains tax exemption under 54F. The balance money was paid through a housing loan from a private bank (ICICI). I am currently paying the EMI for the same.
I have made another capital gains this year (2010). Can I claim benefits under 54F for the same property, for the balance amount? There are two questions – 1. Can I avail benefits ubder 54F from two separate capital gains for the same residential property? and 2. The rule specifies that the purchase should be within one year before or two years after the capital gain. Although I have paid the full amount to the builder (through home loan), the posession of the house will only happen in June 2010. The house is not yet registered in my name. Which date will be considered as “date of purchase”?

Any input on this will be highly appreciated

By: Sanjeev Jain

Sanjeev Jain — Fri, 22 Jan 2010 09:16:19 +0000

I was staying in Mumbai and resided in my own house. Now I have been out of the country with my family for 3 years and enjoy NRI status. I just sold my property and invested in 2 separate properties in Ahmedabad. Do I need to pay any Capital Gains Tax ?

Thanking you in advance for your replies.

By: jignesh patel

jignesh patel — Thu, 21 Jan 2010 10:37:12 +0000

i have purchased piece of land which is belongs to a village near ahmedabad city in 1996-97. now I am going to sell the same land but it is now within the Ahmedabad Muncipal corporation limits. so how long term capital gain occured to me and where should I invest.

By: partani shailesh

partani shailesh — Thu, 07 Jan 2010 12:55:16 +0000

can you tell if deduction u/s 54 f will be available if we construct
another floor on the same residential house which we are already having?

pl reply as early as possible

By: Moreshwar Ghune

Moreshwar Ghune — Fri, 18 Dec 2009 10:11:20 +0000

I sold a open land under municipal corporation area. I want to know How can I save money from capital gain tax? I have already a resident house and I don’t want to invest money in to Bonds & Securities.

By: Sunil Jain

Sunil Jain — Thu, 24 Sep 2009 16:57:34 +0000