Search Results For: Capital gains- Investment in a residential house


QUERY: I had sold 4 of vacant sites during the financial year and earned capital gains on each of them. Thereafter, I purchased a residential property for Rs. 1,50,00,000/- in the same financial year. My total long term capital gains was Rs. 36,72,000/-, on the sale of said sites. How to reflect in I. T. Return.
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In the return of income, you have to disclose under the head “capital gains”. You have to give working under “schedule CG” in schedules to the Return Form.

QUERY: A property owned by the HUF was sold for ` 80,00,000/-. The new house property was purchased in the name of co-parcener (daughter). Whether HUF is entitled to get benefit under section 54F of the Income-tax Act, 1961 as co-parcener is a part of the HUF?
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In Vipin Malik (HUF) v. CIT [330 ITR 309] the Delhi High Court held that the agricultural land which was sold of by the assessee – HUF and the flat purchased in the co-operative society was not in the name of the HUF. The flat was in the individual name of V along with his mother. To claim the benefit of section 54F, the residential house which was purchased or constructed had to be of the same assessee whose agricultural land was sold. Therefore, there was no question of section 54F of the Act.