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Exemption on ltcg on sale of immovable property

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(Querist)
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
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Rupesh Jain

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Rupesh Jain (Expert)
17 June 2013 u./s 54 invest only capital gain amount
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CA Kapil Verma

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CA Kapil Verma (Expert)
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


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Guest

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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)
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