Sale of agricultural land
This query is : Resolved
Nitesh Kumar Sharma
(Querist)
27 August 2011
A person doesn’t possess a house in his own name. (One house in the name of his wife exists in which they resides)
The person sold his agricultural land.
sale value = 1300000
LT capital gain = 800000 (after indexing etc.)
Now:
sale value of land=1300000
homeloan = 1300000
new home purchased (selfname) = 2600000
what will happen to LTCG ???
The person sold his agricultural land.
sale value = 1300000
LT capital gain = 800000 (after indexing etc.)
Now:
sale value of land=1300000
homeloan = 1300000
new home purchased (selfname) = 2600000
what will happen to LTCG ???
CA MANOJ GUPTA
(Expert)
27 August 2011
Entire gain would be exempt under section 54F
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
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