Exemption of capital gains
This query is : Resolved
23 September 2012
Sir I had sold a vaccant land for 5 crores. The capital gain after computing indexation comes to around Rs 4 crores.
Out of the above 4 crores, i am planning to construct a house for 1 crore (Sec 54) and deposit 50 lakhs in REC bonds (Sec 54EC).
So i am claiming exemption for Rs 1.5 crores. The balance capital gains is Rs 2.5 crores. How can i claim exemption for the balance amount. Please help.
Out of the above 4 crores, i am planning to construct a house for 1 crore (Sec 54) and deposit 50 lakhs in REC bonds (Sec 54EC).
So i am claiming exemption for Rs 1.5 crores. The balance capital gains is Rs 2.5 crores. How can i claim exemption for the balance amount. Please help.
Amol S Joglekar
(Expert)
23 September 2012
if you have sold vacant land then exemption will be under 54F and not 54. No other way to claim any exemptions but to pay the tax OR increase the investment under 54F and 54EC
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