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Ltcg

ramesh agrawal (business) (179 Points)

02 July 2012

My land(homestead) was acquired by govt. under compulsory acquisition for road development for Rs. 5 lacs. They deducted 10% TDS on the amout paid towards TDS. I have a LTCG of Rs.70,000/- on this deal. I already have a self accupied house where I live. Can I save the LTCG by buying another land (agriculture) of Rs. 5 lacs anywhere within the required timeframe?

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2 Replies

Manu.R (student FINAL) (106 Points)
Replied 02 July 2012

i think u cant invest in agricltr land bcz d compulsrly aquird land is not an agri land and hence sec 54B is not applicable .

u can invst only in NHAI and other notified bonds as per sec 54EA or u can purchase one more res house accordng to sec 54F

CORRECT ME IF AM WRONG

CA.Varalakshmi.M (Manager-Finance) (482 Points)
Replied 02 July 2012

Originally posted by : Manu.R
	i think u cant invest in agricltr land bcz d compulsrly aquird land is not an agri land and hence sec 54B is not applicable . u can invst only in NHAI and other notified bonds as per sec 54EA or u can purchase one more res house accordng to sec 54F CORRECT ME IF AM WRONG