Case Law Details
Case Name : CIT Vs Rajiv Shukla (Delhi High Court)
Related Assessment Year :
Courts :
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CIT v Rajiv Shukla
High Court of Delhi
ITA No. 620 of 2011
A K Sikri and M L Mehta, JJ
Decided on: 8 April 2011
Judgment
1. In the assessment year 2007-08, in the return filed by the assessee, herein, had shown long term capital gain on sale of property and also claimed benefit of deduction under section 54F of the Income Tax Act on the ground that it had purchased the
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Female assessee having two commercial properties sold as under-
1) COA: Rs 328840 dated 11.01.2008 sold for Rs 450000 on 15.07.2011
2) COA: Rs 120000 dated 17.05.1994 sold for Rs 1460000 on 30.08.2011
and purchased a residential house property in dec 2011 for Rs 1215500
so,
for the 1st property there will be capital loss amounting to Rs 18493 (450000- 328840 * 785/551)
and for the second house property there will be capital gain amounting to Rs 183592 (1460000- 120000*785/259) – (1096293 * 1215500/1460000) (Is exemption u/s 54F available?)
Are these calculations correct??
And, net capital gain amounting to Rs 165099 be taxed at flat 20% rate or will be aggregated in total income of the assessee?
Please help in the matter as soon as possible.