Exemption under section in case long term capital gain
This query is : Resolved
15 May 2012
Respected Sir/Madam
I would like to ask you if I had purchased land in 2003 and after 3 years i had constructed house on the said land.
However after completing around 50 % work, I sold the said Assets and I earned Long Term Capital Gain.
Now I want to claim exemption. But I don't know whether i have to claim under section 54 or 54EC or 54F or combination of any of these referred sections of the Income Tax Act, 1961.
I look forward to sharing your valuable knowledge in this regard.
Thanking You.
I would like to ask you if I had purchased land in 2003 and after 3 years i had constructed house on the said land.
However after completing around 50 % work, I sold the said Assets and I earned Long Term Capital Gain.
Now I want to claim exemption. But I don't know whether i have to claim under section 54 or 54EC or 54F or combination of any of these referred sections of the Income Tax Act, 1961.
I look forward to sharing your valuable knowledge in this regard.
Thanking You.
15 May 2012
You cannot claim exemption u/s 54 because the asset sold is NOT residential house property.
You can claim exemption either u/s 54EC or u/s 54F, depending on the nature of investemnt you want to make.
Section 54EC - Invest in specified bonds.
Section 54F - Invest in residential house property.
You can claim exemption either u/s 54EC or u/s 54F, depending on the nature of investemnt you want to make.
Section 54EC - Invest in specified bonds.
Section 54F - Invest in residential house property.
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