Long term capital gain
This query is : Open
06 June 2013
Please solve my query regarding capital gain & exemption:
Q. In F.Y 2011-12, Long term capital gain is calculated as follows:
Long term capital gain on Gold : 10,00,000
Long term capital gain on House A : 20,00,000
Total 30,00,000
House B is purchased for Rs. 30 lacs
Less : Exemption u/s 54 (For House A) : 20,00,000
Less : Exemption u/s 54F (For Gold) : 10,00,000
Net Long term capital gain Nil
Now in F.Y 2012-13 House B is sold for Rs. 54,00,000 and House C is purchased for Rs. 90,00,000/-
Please tell me the tax treatment and whether exemption u/s 54/54F can be claimed for House C
Q. In F.Y 2011-12, Long term capital gain is calculated as follows:
Long term capital gain on Gold : 10,00,000
Long term capital gain on House A : 20,00,000
Total 30,00,000
House B is purchased for Rs. 30 lacs
Less : Exemption u/s 54 (For House A) : 20,00,000
Less : Exemption u/s 54F (For Gold) : 10,00,000
Net Long term capital gain Nil
Now in F.Y 2012-13 House B is sold for Rs. 54,00,000 and House C is purchased for Rs. 90,00,000/-
Please tell me the tax treatment and whether exemption u/s 54/54F can be claimed for House C
Gangavarapu Abhilash
(Expert)
11 June 2013
Good Question...
You cannot get the exemption Under sec54 or 54F as it is not a long term capital Gain.
You cannot get the exemption Under sec54 or 54F as it is not a long term capital Gain.
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