to claim exemption under capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2010 sir,

one of my friend as sold a site during the year and he has to claim the capital gain tax exemption under income tax. Whether he has to invest the whole amount in the specified scheme deposit or he has to invest the taxable portion of capital gain only. And also his income is below the taxable limit i.e.,rs.24000 per annum.

kindly send the clarifications for the same

CA Vinay Gandhi

CA Vinay Gandhi (Expert)
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18 December 2010 If he wants to buy residential house, he has to invest all the sale consideration.He can buy another house only if he have only 1 house existing now.Please refer Sec.54F for further details.
If he wants to invest in RECL or NHAI bonds, capital gain should be invested.Refer Sec.54EC for further details

CA. R. B. SAH

CA. R. B. SAH (Expert)
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18 December 2010 net consideration to be invested.
If income is below taxable limit then investment is not required.

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