Long term capital gain exemption

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2014 My client is going to sale his house in present financial year(FY 13-14), he dont want to pay Capital Gain. He want to invest gain amount into his brother's private limited. It is incorporated in FY 12-13. will he get capital gain exemption U/s.54GB...

Please suggest how can he get Exemption.. If this is not possible

Nikhil Kaushik

Nikhil Kaushik (Expert)

30 April 2014 no. the company doesn't fall under the definition of eligible company.

the company should have been incorporated on or after 1 April 2013.

Rupesh Jain

Rupesh Jain (Expert)

30 April 2014 under income tax to save capital gain for selling of house one case
if he buy or construct house with his name .

otherwise not possible.
he have to pay tax.

Nikhil Kaushik

Nikhil Kaushik (Expert)

30 April 2014 Dear Rupesh Ji,

I again request you to kindly refer to income-tax provisions correctly.

Section 54GB provides for exemption in case of sale of residential property in the amounts are invested in a company formed from 1 april to the last date of return filing under 139(1) subject to conditions provided therein...

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Rupesh Jain

Rupesh Jain (Expert)

30 April 2014 ok this section will give you deduction
but this section give condition for availing exemption of caiptal gain.

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