Basic exemption limit availability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 Dear Sir/Madam,
If i have capital gain income in A.12-13 and the said amount i invested in CGAS.Now My Long term capital gain is due becuase i cannot purchase any property out of my CGAS money.So My question is ,in this year i dont have any other income source ,just have such Capital gain Reversal income ,so can i get basic exemption limit as a deduction from such capital gain???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2014 yes that is allowed in this case even if you could not utilize the proceeds from the CGAS a/c

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 thank u sir...i have another question related to these is there is any tax planning if i got all money from CAGS a/c ??? can i invest the same in another thing say 54 EC or other big exempting source??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2014 no, for 54EC the time limit is 6 months form date of transfer of capital asset , so i think in you will not get this benefit.