Case Law Details
Case Name : ACIT Vs Ms. Sultana Nazir (ITAT Chennai)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Chennai
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Section 54F benefit remains intact even if Assessee transfer New house acquired to claim S. 54F to acquire another house
Assessee sold a long term capital asset being land at Velacherry on 5.5.2005 for Rs. 81 lakhs whereon assessee earned long term capital gains. The assessee invested Rs. 75 lakhs in the purchase of house property at Alwarpet on 1.10.2005 and therefore, was allowed exemption of long term capital gains u/s 54F to the extent of Rs. 73,94,157/- in the assessment of assessment year 2006-07. Therea
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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.