08 July 2011
I submit that, I have sold a residential plot (house was not built only a residential land) in March 2011 and earned a long term capital gain Rs. 1.50 lacs (as it was with me more than 4 years).
1. Under which section it cover ?
2. Can I avail exemption u/s 154 EC ? If yes I have to invest entire sale proceeds or only capital gains of Rs.1.50 lacs?
3. OR, Can I also deposit the same in Capital Gain Accounts Scheme 1988 ? If yes, I have to deposit the entire sale proceeds or only capital gains of Rs.1.50 lacs.
CAclubindia
