Please Help: Exemption u/s 54
Posted Date : 16-Jun-2011 , 04:02:46 am | Posted By: Gaurav
Category :
Income Tax | Answers :
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one of my assessee has flat at Greater noida which he sold in Jan. 2010 and realised LTCG 40L which is claimed in return 2009-10 and then he booked flat of Rs. 1 cr.possassion of which will be aquired within the 2 yrs.Now the assessee sold another flat of Mayur Vihar in May 2011 and realised LTCG 60L. My question is whether the assessee can claim the LTCG exemtion of rs.60L against the unexhausted amount of cost i.e. Rs.60L in financial year 2011-12 |
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Answers:
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 Answer by: Ca Nitin |
| no as per income tax act the system followed by one time not under system of carry forward in assessment year.
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| Answer by: CA VIKAS JAIN |
| If the purchase of house is within the one year period of sale of house at mayur vihar then he can claim the exemption on RS 60 lakh also.
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| Answer by: CA. Sachin Data |
| Time limits have to be considered...
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| Answer by: Vaneet Gupta |
| Time Limit to be considered
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| Answer by: Vaneet Gupta |
| Time Limit to be considered
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