Long term capital gain tax related query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 Hi,

I recently sold my residential plot, that I had purchased in year 2006. There will be some capital gains, after applying the indexation and computing the difference between the purchase value and the sale value.
I am planning to purchase a farm plot in a project being developed by a Real Estate developer. This plot is current not granted the NA status. Will I be entitled to offset my Long term Capital gains, if I were to invest in this project?
Please provide details around the investment avenues in real estate and the exclusions if any to be kept in mind, so that I can get the tax exemption benefits.
Thanks and Regds
Sanjiv

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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01 April 2012 u will have to purchase a residential house within two years from date of transfer of plot or construct a residential house woithij three years fromj that date to get the exemption. Exemption amt will depend upon the cost of new asset, cap gain and net cosideration from sale of plot
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