Re: [aurangabad_ca] QUERY ON CAPITAL GAINS
Dear Saiprasad,
In the First Case: Assuming that the old residential flat, which is being sold, is held for more than 36 months. The assessee can purchase a new residential property 1 year before or two years after the date of transfer of the old residential property. And the section 54 talks about purchase of new house property within the specified time. There is no restriction as regards to source of funds utilised in purchase of new residential property. Hence in your case, the assessee can purchase the new residential property out of the Home Loan and repay the home loan from the sales consideration of the old residential property and get exemption u/s 54.
In the Second Case: Please provide some more case details so that I can provide you a specific answer.
Regards.
On 3/31/10, CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com > wrote:
Dear All,
I have two cases.
1) One of my client wants to sell her Residential Flat and purchase another.
2) Another of my client has an residential flat.
- If she first purchases the NEW property out of partly won funds and , balance from HOME LOAN.
- Then She sells the old property after say 6 months and applies the funds towards payment of bank loan in entirety.
- Would she be exempt from Capital Gains tax ?
Would appreciate if this is supported by CASE LAWS IF ANY.
- The Client wants to sell the residential flat and invest in Agricultural land instead of investing the capital gains in another residential premises as per Section 54.
- In what way this may get exempted.
- He only wants to invest in agricultural land.
Thanks & Regards
--
CA Saiprasad P. Bagrecha
"It's best to have failure happen early in life. It wakes up the Phoenix bird in you so you rise from the ashes."
Dare 2 b Different...
--
CA Ghanshyam Vaswani
G K Vaswani & Associates
1st Floor, Tourist Complex,
Nehru Chowk,
Jalgaon
Mobile : 098233 77078
"Excellence is my Aim.."
__._,_.___
DISCLAIMER
AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
MARKETPLACE
.
__,_._,___
0 comments:
Post a Comment