Section 54 Income Tax Act (Section 54 Income-tax Act 1961 – Finance Act, 2019) [ Also Refer video on How to Save Tax on Sale of House I CA Satbir Singh ] Profit on sale of property used for residence. 1 54. 2[(1)] 3[4[Subject to the provisions of sub-section (2), where, in the case of an… Read More »
Income Tax Exemption for Capital Gain on Residential Property Sale / Transfer [As amended by Finance Act, 2018] In this article we have discussed Income Tax Exemption for Capital Gain on Residential Property Sale / Transfer with examples Introduction A person wanted to shift his residence due to certain reason, hence, he sold his old… Read More »
Facts of the Case Assessee was the owner of a flat in Jai Mahavir Apartment, J.P. Road at Andheri (West) jointly with his wife Mrs. Manisha J. Faria. The said flat was sold for Rs. 1,02,55,000/-. The assessee computed long term capital gains at Rs. 43,01,665/- being 50% share in the property. The assessee invested… Read More »