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Capital Gain

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This query is : Resolved

RAMAN KUMAR (Querist)

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.

Regards,

Raman Kumar

ABHISEK TOSNIWAL

ABHISEK TOSNIWAL (Expert)

09 July 2011 Dear Raman,

You need to invest in 54EC or deposit it in the capital gain deposit scheme only upto the amount of capital gain made.

Regards,
Abhisek Tosniwal

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