LONG TERM CAPITAL GAIN EXEMPTION

This query is : Open

P V RAMA KRISHNA (Querist)
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21 July 2011 Please resolve the following issue:

Mr. A sold is having two residential house properties. One House he sold on 30.04.2008 with a capital gain of Rs.32.50 Lakhs and the same was deposited in Capital Gains Deposit Scheme and got exemption.

By withdrawing the Deposit amount of Rs.32.50 Lakhs, he purchased another House property on 25.03.2010 with a cost of Rs.57 Lakhs.

Again, he sold out his vacant lands on 08.11.2010 with a LTCG of Rs.14 Lakhs. Can he claim exemption u/s.54 as he purchased a House on 25.03.2010 which is woth Rs.57 Lakhs against the CGDeposit withdrawl of Rs.32.50 Lakhs or NOT!

If not, can he buy another House property worth Rs.14 Lakhs or above to claim exemption u/s.54

Please clarify.

thanks & regards

RK, gudivada

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 July 2011 He can buy a residential House against sale of agriculture land and can avail exemption U/s 54F.

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