Capital Gain Exemption

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This query is : Resolved

C.A. Deepak Kakkar (Querist)

16 June 2011 Dear All

My client is NRI living in USA in his own house, he has bought residential land in Gurgaon and will complete 3 years in 1st week of July,2011 and he's planning to sell after completion of 3 years. If the same sale amount received re-invested in another residential land than will there be any exemption & under which section?

Thanx

Deepak

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)

17 June 2011 EXEMPTION WILL BE ALLOWED UNDER SECTIO N 54

CA MANOJ GUPTA
JODHPUR
09828510543

C.A. Deepak Kakkar

C.A. Deepak Kakkar (Querist)

18 June 2011 Mr. Manoj

thanks for reply.

If we read the section, it has mentioned residential house property( building or land apputenant thereto), i have doubt whether only land will also be covered or not u/s 54.

please help.

Thanks
Deepak

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)

18 June 2011 I MISTANKENLY UNDERSTOOD IT WAS A SALE AND PURCHASE OF RESIDENTIAL HOUSE
NO EXEMPTION UNDER SECTION 54 IS ALLOWED IN RESPECT OF GAINS FM SALE OF LAND
IN THIS CASE IF THE ASSESSEE PURCHASE A RESIDENTIAL HOUSE THEN EX MAY BE CLAIMED UNDER SECTION 54F
ELSE U CAN TAKE EX UNDER SECTION 54EC

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