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Deepjit Nandi

LTCG Exemption u/s 54...
Sir,
My self is Deepjit. And have a question regarding deduction u/s 54. My uncle had sell a property on 10th October,2017 having a long term capital gain of ₹1,00,00,000/- . He has purchased a flat worth ₹2,00,00,000/- having an agreement with builder to make installment payment. Upto 15th Ju...
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Amlan Dutta
Under section 54, he can claim benefit of capital gain exemption until 1 Cr and not 1 Cr plus taxes.

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  • July 14, 2018
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Deepjit Nandi
Sir, he had paid 1,00,00,000/- to the builder including GST as on today. I'm posting this question as, if the amount without GST is allowed then it will be less than 1 cr. And rest of the amount will be taxed as per rule. And if I can put the the amount including GST then whole capital gain will be ...
  • July 14, 2018
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SHUBHAM KUMAR

Capital Gains exemption...
Dear Sir,
I am received 104900 as a gift for my further studies from my mother's brother. Can i claim deduction under sec 56(2). Kindly Reply.
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Amlan Dutta
Relative under definition of section 56(2) covers In case of individual

1.)Spouse of the individual

2.)Brother or sister of the individual

3.)Brother or sister of the spouse of the individual

4.)Brother or sister of either of the parents of the individual

5.)Any lineal ascendant or descendant of the indi...
  • June 13, 2018
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RASHMI VARSHNEY

Capital Gains exemption...
If a person uses gains from property sale to repay loan , is it still subject to tax?
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Amlan Dutta
Sale from property would be capital gains......one has to pay tax on capital gains unless one makes use of the capital gains in capital gain exemption schemes listed under section 54 ( you may like to see our videos on youtube on how to save capital gains tax ) ...using capital gains to repay tax wo...
  • May 23, 2018
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CHANDRAKANT PATEL

Capital Gains exemption...
Sir My father is 82 Years old and retired from central govt. he is getting pension of Rs.39500/- per month as per new pay revision.1)

My Father has received Rs.453431 as pension for financial year 2016-17 and Rs.423673 as Arrears.
Total Income including arrears becomes Rs.877104.

Further the ban...
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Amlan Dutta
No , you cannot bifurcate arrears , you will add it to pension and show it under income chargeable under salary/pension ...however your dad shall be eligible for some tax relief under section 89(1) read along with Rule 21A on arrears ( check my tutorial for that )

Compute the capital gains arising f...
  • April 19, 2018
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