Long term capital gain

Pi\urchased a huse In UP in 1996 and sold it in 2014, June.   Completed construction of a huse at West bengal with same amount certified by builder.  After indexing the value of house sold at UP is few thousand less than the building caost of my new house.  Whether I can get complete exemption in US54?    I am not claiming anything as capital loss or anything in Schedule BFLA/CYLA.     Is it OK ?
Asked 1 year ago in Income Tax from Burdwan, West Bengal
You have to offer capital gains and then claim exemption u/s 54. If there is a capital loss then where is the need for claim u/s 54.  It is O K to file return in form no 2
Vijay N. Kale
CA, Hyderabad
248 Answers
4.9 on 5.0
  Talk to Vijay N. Kale

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
210 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
195 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
73 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
231 Answers
4.9 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0