Capital gain on house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2012 HELLO SIR,

MY CLIENT MR. x HAVE A DOUBLE STORY BUILDING, HE PURCHASE A PLOT 1927 AND IN 1980 THAT'S VALUE 118734/-.
IN 1985 HE BUILD THAT AND EXPENSES BEAR ABOUT 500000/-
NOW HE WANT TO SALE THAT PROPERTY AND PROPERTY VALUE 4620000/-
HOW CAN SAVE CAPITAL GAIN?
IF HE SALE THAT PROPERTY IN TWO PART WITH IN A MONTH,
WILL HE GET ANY BENEFIT FROM INCOME TAX OR CAPITAL GAIN INVESTMENT?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 September 2012 He can claim exemptiuon u/s 54 by investing the amount of capital gain in another residential hosue property.

He can also avail exemption u/s 54EC by investing the amount in specified bonds.

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