Have a flat that i purchased for 41 lakhs in 2007 and selling it at 83 lakhs. But the stamp value is around 97lakhs as per the new guidance value. So the buyer is getting it registered at 97 lakhs but Iam actually getting only 83 lakhs. Whats my tax implication and do i get exempt from tax as I am deciding to reinvest. Please advice
My wife and I (BOTH) bought one flat EACH, in 1996 for Rs4.9 lacs each. Now we are selling both of them for Rs.35 lacs each. We are JOINTLY buying a house for Rs.48lacs. How can we save tax on remaining cap gain of Rs12 lacs? Pls mention all provisions under the IT Act. Can we JOINTLY buy a plot of land and get a 2nd house built in two years? If yes, for how many years can we NOT sell the 2nd house?
The writer missed out important point in case when assessee already has more than two flats and is intending to sell a single third flat to reinvest in another property. Suppose LTCG arising from sale of shares and individual at that point of time has 2 flats, and he his using share money to invest in further property purchase will that be valid?
sir, A person has a house puchased 40 years ago and after demolishing it,construct 3 floors and sold 3rd floor immediately. Can he claim benefit of long term earned on the land as investment toward construction for the remainig floors which will remain with him ?
I am an owner of a residential house.i got money by giving my vacant land to a builder to constuct apartment. Using that money, i built 2 portions in the 1st floor of my house.Can I claim one portion in that for the capital gain tax exemption. Please guide me.
Am I right in understanding that section 54F deals with sale of property without a residential house. And the capital gains on this can be used to purchase maximum of two properties. As per your second example If I sell a property without house for 2 crores, can I invest 50 lacs in Highway bonds and with the rest buy two residential properties to avoid paying tax. Thanks
After reading the article I am a bit confused , especially with regards to the last statement. So as per 54F are we permitted to invest in a maximum of two properties. Can you please clarify. Thanks
