Capital gains on sale of property(plot)
This query is : Resolved
Querist : Anonymous
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.
16 November 2009
The intended exemption will not be allowed for the said transaction.
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