banner_ad

long term capital gain

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

NITIN

Profile Image

NITIN (Expert)
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
Profile Image

Ratan Sharma

Profile Image

Ratan Sharma (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details