Section 54
This query is : Resolved
26 July 2012
I have a query on Capital Gain.......I had sold the property 3 years ago and deposited the amount in capital gain account. But even after 3 years i have not invested the said amount in purchasing the new property.So now it will be taxable as long term capital gain.
My question is will i get basic exemption of 1,80,000 while paying the long term capital gain which is now taxable after 3 years. If yes, is it clearly mention in any section of income tax.
Please answer my query.
Thanks
My question is will i get basic exemption of 1,80,000 while paying the long term capital gain which is now taxable after 3 years. If yes, is it clearly mention in any section of income tax.
Please answer my query.
Thanks
Amol S Joglekar
(Expert)
26 July 2012
For basic exemption, one need not have the exact section. It is applicable GENERALLY.
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