Capital gain
This query is : Resolved
23 January 2015
Dear sir
One of my client is selling a site which he aquired during 80-81 . If he sell land , can he purchase a building , from which he will get tax exemption. He is having more than 3 sites for sale, out of which he is selling only 2 . The sale value is 2.2 crores and 80-81 guideline value is only Rs.20k. What is the time limit. Can he deposit in a capital gain account and purchase within 1 year. While calculating , whether we have to take guideline value or market value for indexation. Kindly advise.
ganesh
One of my client is selling a site which he aquired during 80-81 . If he sell land , can he purchase a building , from which he will get tax exemption. He is having more than 3 sites for sale, out of which he is selling only 2 . The sale value is 2.2 crores and 80-81 guideline value is only Rs.20k. What is the time limit. Can he deposit in a capital gain account and purchase within 1 year. While calculating , whether we have to take guideline value or market value for indexation. Kindly advise.
ganesh
23 January 2015
Capital gain exemption u/s 54F is available for purchase of house property for entire net consideration within 2 years and for construction within 3 years.
Market value has to be taken for indexation.
Market value has to be taken for indexation.
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