Capital Gain Exemption

This query is : Resolved

C.A. Deepak Kakkar (Querist)
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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)
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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)
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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)
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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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