Mrs Meera purchased a residential house property on August 6, 2019for R 30 lakhs. She made...
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Mrs Meera purchased a residential house property on August 6, 2019for R 30 lakhs. She made certain capital expenditure for the house in the month of January 2020 for Rs2 lakhs. She disposed off the property in April 2021, for Rs 40Lakhs. a. Discuss about the exemption available under section 54 (5 Marks) b. Considering Section 54, Discuss the amount of exemption if any, amount of type of capital gain taxable in the hands of Mrs. Meera if she purchased another property from the sales proceed in the month of May 2021. (5 Marks) Mrs Meera purchased a residential house property on August 6, 2019for R 30 lakhs. She made certain capital expenditure for the house in the month of January 2020 for Rs2 lakhs. She disposed off the property in April 2021, for Rs 40Lakhs. a. Discuss about the exemption available under section 54 (5 Marks) b. Considering Section 54, Discuss the amount of exemption if any, amount of type of capital gain taxable in the hands of Mrs. Meera if she purchased another property from the sales proceed in the month of May 2021. (5 Marks)
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a Exemption under section is available to Individual and HUF whose Longterm Residential property is ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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