Basic exemption limit.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 If an individual has sold the land and have LTCG and have to put net sale consideration in capital scheme a/c before filing a return whether if he is not having any other income can he take basic exemption limit from net sale consideration ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 July 2013 Not allowed to take basic exemption from 'net sale consideration'.

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 Hi Sir,

But please go through following link ,I got confused with that reading. Also when I put my amount to be invested in CGS a/c it take basic exemption and then calculate tax @ flat 20 % . Please further clarification is required https://www.caclubindia.com/forum/basic-exemption-on-ltcg-193659.asp

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 Experts ,

Can anybody will clear my doubts. I need to know urgently

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2013 Experts ,

Can anybody will clear my doubts. I need to know urgently

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 July 2013 That is for taxing capital gains u/s 112 and not for re-investment u/s 54F of the Income tax Act,1961.

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