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Sec 54F exemption

Income Tax - Started By: - AJAY AGRAWAL - Dated:- 16-8-2016 Last Replied Date:- 13-9-2016 - 1. Mr A & his wife were co-owners in a residential house. They sold the same in June 2014 for ₹ 40 Lacs & received ₹ 20 Lacs each. Mrs A paid ₹ 20 Lacs to a builder in June 14 against a flat. The flat was ready but it was not full payment. The builder issued a receipt stating the fact. She paid ₹ 20 Lacs more in June 16 & got sale deed executed. My question is whether t .....

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Mariappan Sir and M/s Yagay and Sun. The contact number is available in the profile section in this TMI. Thanks. - Reply By CA AJAY KUMAR AGRAWAL - The Reply = Dear Sir, Any opinion plz? - Reply By CS Anshika Chitransh - The Reply = The provisions of sec 54A has been deleted. In this case sec 54F will be apply, which specify that As per sec 54f (1) : the capital gain arises from the transfer of any long-term capital asset, not being a residential house and the assessee has, within a period of o .....

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