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Long term tax exemption

This query is : Resolved 
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(Querist)
16 August 2012 Dear all,

One of my friend sold a houseproperty around 1 crore and he invested 50 Lakhs in Bond and any more suggestion for getting more exemptions

Pls give
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srinath

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srinath (Expert)
16 August 2012 first he needs to calculate the capital gains from the property

then the amount of capital gain should be invested in prescribed bonds or in another house property

exemption can be claimed only if it Long term asset
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