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Capital gains on sale of property(plot)

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 November 2009 As for the IT provisions (sec 54 E & EC), it can be availed (with no tax) if the capital gain amt is re-invested either in acquiring a new asset or for construction. Can someone tel me. If capital gain exemption can be claimed on sale of plot/site is used to repay the loan taken (two years back) for another plot/site. First site bought in 2004, 2nd in 2007. First site sold in 2009 to repay the loan of 2nd site.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 November 2009 The intended exemption will not be allowed for the said transaction.
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