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Exemtion u/s 54 on capital gain
I have bought a residential land plot in 2011 for Rs. 40L. Now I plan to sell it at Rs. 80L Thereby getting a capital gain of Rs. 20L. (adjusted for inflation etc.)
I am planing to but a flat of Rs. 50 L and a plot of Rs. 40 L with this proceeds and some of my money.
Will I get exemption U/s 54 on my capital gain of Rs. 20 L or not?
If not then what should I do??
Replies (1)
Hiiii,
You can get the exemption u/s 54F. but for that entire sale consideration should be invested.
If you are not invested entire sale consideration than the exempt income would be
Amount Exempt =capital gain * Amount invested
Net sale consideration
And exemption is availabe only for purchase of 1 house in India.
For land purchase no exemption is available.
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