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Capital Gain

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(Querist)
08 March 2010 My Client being an Individual having a resedential Plot taken on lease in Rajasthan since 1993. He has incurred total amount Rs.69003/- till 30.06.19999 towards cost of acqusition & Registration charges. Then He sold this Plot in Aug,2008 for a sale consideration of Rs.7,00,000/- through cash. Concurrently He purchased another Resedintial Plot in Ahmedabad on 16.10.2008. The Purchase consideration for the same is Rs.700,000/-

Now My question is whether he can claim long term capital gain to be exempt u/s 54 of I.T.Act as the entire capital gain is invested in another resedential Plot within the prescribed time.

Regards.

Sanjay Baheti
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C A GROUP COACHING

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C A GROUP COACHING (Expert)
08 March 2010 In my opinion Yes, where I assume the lease is a perpetual ( very Long term )lease giving a probable & practical ownership right
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CA Sanjay Baheti

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CA Sanjay Baheti (Querist)
08 March 2010 MR Chandrakant Amani.

Many-2 thanks for reply immrdiately.

Ca Sanjay Baheti
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