Answers On Topic: Profit on sale of property
Dear Sir, I Sold my property in the year 2023 for a sale consideration and made a separate agreement for the sale of furniture & fixtures. So both the Building cost and Furniture & Fixtures cost credited to my account separately.. Building Sale Stamp duty paid and TDS Deucted 1 % For Furniture & Fixtures made an agreement in Rs.200 stamp paper but deducted 1 % TDS by the Buyer. Do I need to pay any capital gain or any tax on the sale of Furniture & Fixtures in this or totally exempted. Secondly in ITR 2 , where i…
► Read Answer
An individual assessee sold residential property, held for more than two years, during F.Y. 21-22. He invested the capital gain in residential property during the F.Y. 22-23 i.e. on June 30, 2022 and availed , the benefit of S. 54. Now, the assessee intends to gift the newly acquired residential property to his son i.e. before three years from the date of acquisition. Will there be any implication on claim of deduction under section 54 ?
► Read Answer
Sale of Property