Capital gain exempt or not

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SHREEPAL LALWANI (Querist)
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25 November 2014 Sir,

My question is as below:

sir, I have sold long term taxable agricultural land and also invested in residential property. Sir, can I take deduction for investing in residential house against long term capital gain arise by sold agricultural land? If i can take benefit then under which section? please reply at your earliest.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2014 Under section 54F you can claim exemption.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 November 2014 yes agreed with above reply

Anand

Anand (Expert)
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26 November 2014 But condition is that u should not be any other house @ time of acquisition..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2014 The above exemption shall be available only when the assessee does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2014 agree with seetharam's view..........

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