long term capital gain

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Kakei (Querist)
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10 July 2009 Greetings from Kakei

Sir,
I have a residential land in my name purchased in the year 1993.Now I want to sale it and purchase another land using this consideration.
1. What will be the LTCG amount?
2. Should I invest total sale considerations
for the new purchase in order to avail full exemption from LTCG Tax or only the LTCG amt.
3.What is the time limit within which i should purchase the new one to avail exemption.

Thank you Sir.

NITIN

NITIN (Expert)
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10 July 2009 In case if land in agriculture land and conditions specified in sec 10 is applicable in such case it is exempted Also exemtion u/s 54 is avauilable. For that investment amount is net consideration. Investment in new assets on or before filing of return or with in time period u/s 139 whichever is earlier

Ratan Sharma

Ratan Sharma (Expert)
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10 July 2009 Hi,
If the residential land is sold and another residential land is purchased then there is no exemption from LTCG. If it is residential house, then only you can claim the deduction.

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