Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 hi all,

I sold Land three years ago, some capital gain occure from same,

(1)Can I invest same in any thye of Land Like Non N.A. , N.A., Commercial?

(2) Also i can invest same capital gain in more then one properties.

Please Let Me Know

Thanks/regards
Pragnesh Trivedi

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

10 October 2013 No, any capital gain arising as a long term capital gain must be invested within 3 years Under 54,54F,54B,54EC or in 54GB..

However, If you had deposited such gain under capital gain scheme scheme then you could have the option to invest..

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 My Queasetion is

Can I Invest Same in Land Or No any type of LAnd Like Agri, Non Agri, Commercial,

and

Can i invest same in more the one property

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

10 October 2013 You can Invest it whether Agricultural or non-Agricultural Land, but exemption wont be available under any section specified above...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 OK So If capital gain occure during currant year form Land. same i can invest in Land Any type of land.

there are no certain limitatins for investing same.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

10 October 2013 If its an Agricultural Land {Rural} then its exempt from tax, Urban Agricultural land is taxable but exemption is available in purchase of another agricultural land within 2 years..

Any other land sold and capital gain there on can be invest only U/S 54F {Purchase of residential Property} 54EC {Investment in NHAI or RECL Bonds} 54GB {Investment in Shares of specified companies}

Sale of land and then purchase of another land other than agricultural land, there is no such provision if you want to claim exemption from capital gain..

regards,

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 o.k thanks you very much.

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 hi
Can I bur Residential Non Agriculture plots form the same.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

10 October 2013 Please clear your query.. elaborate it...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 If Capital Gain occur while selling OF N. A. Land so can I Purchase N.A. Residential Plots from same to take Tax Benefit.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

10 October 2013 Yes,You can claim benefit of such U/S 54F, but under this you have to construct a residential property on such plot within 3 years of from the sale of such Land...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 ok thank you

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now