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QUESTIONS: 1. After selling the only residential house at Chennai, I am buying a land in Yercaud and constructing a house purely for self residential purpose. Also buying a flat in Chennai jointly with my wife, which is also for self occupancy and no commercial activities. Can I get tax exemption on these properties from LCG?
Thanks & Regards Ramanarayanan asked Jun 08 '12 at 02:43 by Ramanarayanan 1●1●2●3 The heading should be Section 54 as this is sale of only residential asset,
(Jun 08 '12 at 20:00)
Ramanarayanan
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Under section 54, tax benefit can only be taken against a single residential property purchase/construction. You may choose which one you want to take benefit against. If cost of new property (your share in case of joint property) is more than capital gains, there would not be any income tax payable. There is no need to open capital gain account before transfer of property. answered Jun 09 '12 at 13:30 by Pankaj Batra 5.2k●3●20 1
Thank you very much Pankaj Ji. Great job by your team to make this forum a success story.
The clarity you are giving in the IT law explains the intention of the law.
Hats off Salute to your Great knowledge sharing job. Anytime you are in Chennai, I would like to meet you as to feel that I am part of your mission.
After all, making the people in the Society aware of the intentions of the Law will only help the Nation in the long run. You are doing a Great job.
Regards
Ramanarayanan
(Jun 10 '12 at 04:36)
Ramanarayanan
Thanks Sir for the kind words.
(Jun 10 '12 at 08:43)
Pankaj Batra
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