capital gains
This query is : Resolved
S. Karthik
(Querist)
23 March 2017
Sir,
I sold a house in Feb 2017. Out of the sale proceeds I bought a second hand flat in Feb 2017. Am I allowed to invest further from the balance sale proceeds in a land to avoid capital gain tax? Kindly advise.
Thanks
Regards
S Karthik
I sold a house in Feb 2017. Out of the sale proceeds I bought a second hand flat in Feb 2017. Am I allowed to invest further from the balance sale proceeds in a land to avoid capital gain tax? Kindly advise.
Thanks
Regards
S Karthik
CA Manali Maniar
(Expert)
24 March 2017
First of all sold house should be long term to avail deduction u/s 54, capital gain
If investment amount is less than capital gain amount then you can further purchase Bonds notified by Govt.(REC,NHAI) within 6 months of purchase.
Exemption maximum upto Rs.50,00,000. i.e. further deduction u/s 54EC
As per my knowledge you can not get tax benefit on capital gain for further investment in land.
If investment amount is less than capital gain amount then you can further purchase Bonds notified by Govt.(REC,NHAI) within 6 months of purchase.
Exemption maximum upto Rs.50,00,000. i.e. further deduction u/s 54EC
As per my knowledge you can not get tax benefit on capital gain for further investment in land.
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