Claiming exemptn. of long term cap.gains tax u/s 54ec+54f
This query is : Resolved
24 October 2012
A vacant plot of land was sold for a net sale consideration of Rs.1,10,36,000/-. The fair market value, after indexation, of the land, as on 01/04/1981, was Rs.19,39,091/-. Hence, Long Term Capital Gain was Rs.90,96,909/-.
The following are the investments made and proposed to be made for claiming tax exemption:
1)Rs.50,00,000 in NHAI plus REC bonds for exemption u/s 54EC(now, investment already made),
2)Rs.60,36,000 in a residential property for exemption u/s 54F(proposed to be made)
Please advise:
a)computation of the total tax exemptions that can be availed,
b)total Long Term Capital Gains Tax payable after considering the exemptions.
The following are the investments made and proposed to be made for claiming tax exemption:
1)Rs.50,00,000 in NHAI plus REC bonds for exemption u/s 54EC(now, investment already made),
2)Rs.60,36,000 in a residential property for exemption u/s 54F(proposed to be made)
Please advise:
a)computation of the total tax exemptions that can be availed,
b)total Long Term Capital Gains Tax payable after considering the exemptions.
24 October 2012
For Investment in NHAI & REC you would get full deduction and for 54F see below
90,96,909/1,10,36,000*100 = 82.4294%
Hence Amt to be invested =
6036000* 82.4294% = 49,75,439.
Total Amount of Exemption = 4575439+5000000
= 95,75,439
Hence Long Term Cap. Gain is NIL
90,96,909/1,10,36,000*100 = 82.4294%
Hence Amt to be invested =
6036000* 82.4294% = 49,75,439.
Total Amount of Exemption = 4575439+5000000
= 95,75,439
Hence Long Term Cap. Gain is NIL
Message likes :
1 times
24 October 2012
Dear Arvindji,
Total Amount of Exemption = 4975439+5000000
=99,75,439.
I think 95,75,439 is a typographical error. Kindly advise.
However, Long Term Capital Gains Tax will still be nil. Kindly clarify.
Kind Regards/Kapil Tiwari
Total Amount of Exemption = 4975439+5000000
=99,75,439.
I think 95,75,439 is a typographical error. Kindly advise.
However, Long Term Capital Gains Tax will still be nil. Kindly clarify.
Kind Regards/Kapil Tiwari
25 October 2012
capital gain will be Nil .
agree with the calculation.
agree with the calculation.
Message likes :
1 times
25 October 2012
Capital Gain is nil..It was just a typing error...
Message likes :
1 times
25 October 2012
Thank you very much, Amit and Deepali
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
