Exemption of long term capital gains

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2018 DEAR SIR,
A PERSON HAS SOLD A SITE IN FINANCIAL YEAR 2017-18 FOR RS.1.12 CRORES AND AFTER INDEXATION THE COST OF ACQUISITION HAS COME TO RS.44.54 LAKHS, RESULTING IN A A LONG TERM CAPITAL GAINS OF RS.67.65 LAKHS.
HE HAS INVESTED RS.50 LAKHS IN NHAI CAPITAL GAIN BONDS WITHIN THE SPECIFIED PERIOD.
NOW, THE QUERY IS AS FOLLOWS:
TO CLAIM EXEMPTION U/S 54F, HOW MUCH HE HAS TO INVEST IN PURCHASE/CONSTRUCTION OF NEW RESIDENTIAL HOUSE OR IF HE CANNOT BUY THE HOUSE BEFORE 31/07/2018, HOW MUCH HE HAS TO DEPOSIT IN CAPITAL GAINS SCHEME ACCOUNT?
THANKS & REGARDS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 April 2018 17.65 lacs the balance capital gains amount has to be deposited/used to buy/construction of house/

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2018 Thank you Sir, CA Sri Seethraman for your expert advise. But a small doubt. Since Section 54F talks about investment of NET CONSIDERATION to claim exemption, whether will it have any impact on amount to be invested in new house of Rs.17.65 lakhs?
thanks & regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

21 April 2018 Yes you are right balace net consideration of 62 lacs has to be invested.

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