Capital gains re investment
This query is : Resolved
12 May 2022
i had sold my land Rs 61 Lac out which capital gains Rs 40 Lac
Shall i re invest for Rs 60 Lac or 40 Lac for get benefit of tax?
Shall i re invest for Rs 60 Lac or 40 Lac for get benefit of tax?
12 May 2022
You have to invest 61 lacs.
12 May 2022
You have to invest the entire sale proceeds of Rs. 61 Lacs.
12 May 2022
but my capital gains rs. 40 lac . so my taxable income also 40 lac. so why it is necessary for investment Rs 61 lac.
in the 61 lac purchase price also included.
in the 61 lac purchase price also included.
12 May 2022
In case of sale of land section 54F applicable. As per the provisions net sale consideration has to be invested.
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