Capital gain and exemption under section 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2012 ONE PERSON RECEIVED TWO LANDS BY PARENTS AS A GIFT. AND HE SOLD OUT IT SEPARATELY AND INVEST THE SALES CONSIDERATION IN CONSTRUCTION A NEW HOUSE,
THEN MY QUESTION IS THAT HE IS LIABLE FOR CLAIM SECTION 54F IN BOTH THE ASSETS.
SUPPOSE THE SALE CONSIDERATION FROM ONE LAND IS 24 LAC AND SECOND IS 25 LAC AND HE INVEST IN CONSTRUCTION AMOUNT OF RS.60 LAC . THEN HE CAN AVAIL THE BENEFIT IN BOTH ASSETS OR IN A SINGLE ASSETS. WHAT WILL THE TAX LIABILITY.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

31 August 2012 The exemption is available in respect of both the assets.

SInce the amount invested exceeds the sale consideration, the whole amount of capital gain shall be exempt.

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