Capital gain from a non agriculture land

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Guest

Guest (Querist)

31 July 2012 Plz tell me if i sold a non agriculture land and invest in other land then can i claim exemption?
And if in above condition I have 2 houses, 1 is self occupied and other one is rented, then what will be the treatment of it?
Plz rply soon.

Amol S Joglekar

Amol S Joglekar (Expert)

31 July 2012 non agricultural land: exemption u/s 54F, 54 EC is available. No other form of exemption is possible.

Guest

Guest (Querist)

31 July 2012 But sir can i claim any exemption in above case?

Guest

Guest (Querist)

31 July 2012 Complete case is "I sold a land on 25/05/2011 for Rs.5 lakh which i bought in 1994-95 in Rs. 30000/-. After sale I bought another land for Rs.1051000/- on 26/07/2012". Now can I save my capital gain in this condition?

Amol S Joglekar

Amol S Joglekar (Expert)

01 August 2012 No such exemption for non agricultural land. The answer will be different if you construct a house on this newly purchased land.

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Guest

Guest (Querist)

03 August 2012 Thanks Amol sir. But can you please tell me how can i claim exemption in this case when i have 2 residential house?

Guest

Guest (Querist)

03 August 2012 And if I constuct a building on that land then can I claim exemption in such condition?

Amol S Joglekar

Amol S Joglekar (Expert)