How can I claim relief in case of selling a residential property to buy another residential property?
How can I claim relief in case of selling a residential property to buy another residential property?
Under
section 54, any long-term capital gain arising to an individual or an HUF on
sale of a residential property shall be exempt if the capital gains are
invested in another residential property. The property sold can be
self-occupied or rented.
For claiming exemption u/s54, the capital gains arising from sale of old property must be invested in: Purchase of another residential property within one year before or two years after the transfer of the old property. Construction on a residential ...
In this case, the exemption on capital gain will be allowed in proportion to the sales proceeds invested in residential property, i.e. Exemption Amt = Capital gain × (Amount invested/Net Sale consideration).
Yes, u/s 54F, any gain arising from sale of long-term asset can be tax exempted if the entire sales proceeds are invested in · Purchase of one residential property within one year before or two years after the date of transfer of the asset, or ...
In this case, the two parts of the house shall be considered as independent house properties or taxable units. · The part in which you are staying shall be treated as a self-occupied property and the income shall be computed accordingly. ...
You can claim the tax relief as per DTAA selected in foreign income. Section 90/ 90 A- DTAA is applicable. You will get the full benefit of tax U/S 90/90A Section 91- DTAA is not applicable. You will have to pay tax in the country where you are ...