Land Cost is also cost for 54F Eexemption.

I recently sold a land property. I wish to avail exemption from LTCG u/s 54F by buying a residential house. I wish to know if i can buy a plain property and build a house there. Will the amount spend for buying such property also be eligible for deduction. Or is it so that only…

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Great News! Bonds Are Here Again for Saving Capital Gain Tax.

There was great difficulties for people who had capital gains in their hand and who wanted to save tax u/s 54EC by investment in notified bonds , since there was only two notified bonds ,that of ,Rural Electrification Corporation and National highways Authority . None was available. Now the CBDT has notified that REC is…

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You can’t save on tax on LTCG by investment in Son’s name!

Individual a pensioner purchased a house property out of his salary earnings.Now,he sold the same.His son and three daughters also joined in the executionof sale deed.Pensioner being aged wants to invest the CG in the name of his son to avoid LTCG. Whether he can do so? From: nrkmarimuthu@gmail.com There is no scheme in the…

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Gift from Relative of members of HUF should also be tax free!

Someone Asked on Yahoo Group-Answered By MeA relative of Karta of HUF gives gift of Rs. 4,00,000 to HUF. Whether the above gift is exempt or taxable u/s 56(2)(vi). Can HUF have relation with relative of Karta of HUF. If taxable, can HUF avail benefit of sec 80C and basic exemption limit for purpose of…

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Save on Tax if Property Was Purchased before 1/4/1981.

My inquiry pertains to India only. The answer must relate to Current Indian Tax Laws.My mother has got land as gift from her parent. The land is ancestral property. My mother wants to sale it and she expects decent profit on this sale. She intends to reinvest the money in the purchase of new land….

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Exemption u/s 54 on one Flat or House only

I have a house in India. If we sell that house and buy 3 flats from the proceeds. Will that be ok under sec 54?From: akashsud@hotmail.comMark the words in RED below in Section 54″………. where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the…

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No TDS on distribution of assets on liquidation

Someone Asked On This blog A Pvt Ltd Company is under Liquidation and there is excess of assets over liabilities( due to accumulated Profits) which the liquidator wants to distribute among the shareholder. What are the implications with reference to Section 194 read with sec 2(22)(c) and also under sec 115-O Will both the sections…

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Purchase of Land will not make you eligible for exemption!

Someone Asked on This blog My father and mother are joint holders of land they intend to sell in April ’07. Since they intend to use exemption u/s 54F, can the new land be purchased in name of only one of the joint holders or as only one of them as joint holder? Also, is…

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Beware for two years clause if earlier claimed exemption u/s 54F!

Someone Asked on This Blog We ( my wife &self),(joint name) sold our plot .To avail Tax Exemption under sec 54 F,We purchased a house within one year from the date of sale after investing net consideration amount.I will not sell the new asset for three years. Now we have our own savings and we…

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Sorry!Capital Gains Account Scheme can’t be used for purchasing Bonds.

Someone Asked on This BlogWhat are bonds that are open right now for investment to save capital gains tax ? If there are no bonds issue this fiscal year, what do people who have transferred the asset-land in my case- in this year do ? Will they get extension of time ? Can the money…

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