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Capital gain exemption

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SUBHASH MISHRA

SUBHASH MISHRA (Querist)
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25 August 2020 Respected,
A person sold his residential house. He got Long term capital gain of Rs. 50 Lakhs. For purpose of exemption, he did not invest in residential house property but he purchased an agriculture land of Rs. 35 Lakhs. Will he get any exemption u/s 54 and if yes, then up to what extent?
Please guide.

CA Ankith Jain

CA Ankith Jain (Expert)
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26 August 2020 The deduction would not be available under any section, if proceeds are invested in agricultural land. Only section 54EC provides deduction upto 50L if invested in notified bonds.

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