Long term capital gain exemption

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)
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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)
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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)
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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)
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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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