Exemption on ltcg on sale of immovable property
This query is : Resolved
17 June 2013
Sir
One of my client is going to sell his Long term Capital asset , a flat, which will earn him a LTCG of Rs 10 Laks.Now for availing the exemption should he invest in Rs 10 Lakhs in new residetial Building or the full amount of sale consideration
Please clarify
Rgds
One of my client is going to sell his Long term Capital asset , a flat, which will earn him a LTCG of Rs 10 Laks.Now for availing the exemption should he invest in Rs 10 Lakhs in new residetial Building or the full amount of sale consideration
Please clarify
Rgds
17 June 2013
u./s 54 invest only capital gain amount
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17 June 2013
No, you need to invest full sales consideration for getting 100% exemption.
You you invest less amount expmption will be received proportionatelyas follows:
LTCG X Amount Invested
-------------------- =
Sales Consideration
You you invest less amount expmption will be received proportionatelyas follows:
LTCG X Amount Invested
-------------------- =
Sales Consideration
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Guest
Guest
(Expert)
17 June 2013
If house property is sold, and new house property is purchased.
only capital gain amount is required to be invested to claim exemption u/s 54(i.e new house property is purchase after sale of older house property)
only capital gain amount is required to be invested to claim exemption u/s 54(i.e new house property is purchase after sale of older house property)
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