Query regarding IT Sec 54
1 year ago
Property bought in 2018 for Rs 2.03 Cr. Now being sold for Rs 2.60 Cr. How much will be LTCG with indexation and the resultant income tax payable. How much exemption permissible and where all can that be invested to avail this exemption without buying a new property.
A.Hello,
The amount of exemption under Section 54 of the Income Tax Act for the long-term capital gains will be the lower of:
Long Term Capital gains arising on transfer of residential house, Or
The investment made in purchase or construction of a new residential house property. Hence, the balance capital gains (If any) will be taxable.
The amount of exemption under Section 54 of the Income Tax Act for the long-term capital gains will be the lower of:
Long Term Capital gains arising on transfer of residential house, Or
The investment made in purchase or construction of a new residential house property. Hence, the balance capital gains (If any) will be taxable.
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