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Please Help: Income-tax

Posted Date : 21-Apr-2022 , 05:04:49 pm | Posted By: S KALYANARAMAN

Category : Income Tax | Answers : 0| Comments : 2| Hits: 2048

Sirs I propose to demolish the existing building and construct a flat G+3. I want to sell one flat and the entire proceeds will be utilized for construction of the remaining flats which are going to be for my use. Kindly advise us whether any of the above transactions will attract capital gains tax and if so how to plan the transactions, so that the provisions of capital gains are not attracted. Thank you S.Kalyanaraman

Comments
Posted By : ATIT D. SHAH 14-Jun-2022, 09:53:33
Yes there will be capital gains on sale of 1 flat. There are few case laws that allows benefit of section 54 on constructed property.
 
Posted By : Sunilkumar Sannidhi 14-Jun-2022, 07:24:29
In order to suggest the planning, you need to provide information more precisely regarding a) Type of property you are demolishing(Residential/Commercial) b) Year of purchase of such land c) Year of construction of building(If not purchased along with the land)
 

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