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capital gains

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(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
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CA Manali Maniar

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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.
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