A plot of land purchased in year 2000 at Rs. 20000. Half of land sold in December 2015 at Rs. 500000. Assessee purchased a residential house at Rs. 1000000 in july 2016. And half of land sold in January 2017 at Rs. 1000000. Now , how to calculate capital gain and section 54f (keeping in the mind of assessee) Whether assessee get benifit 54f for both assessment year ?
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A plot of land sold in different assessment year
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" Assessee purchased a residential house at Rs. 1000000 in july 2016."
In this particular case purchase of a residential house can be linked to the sale of plot in Jan 2017. Exemption u/s. 54F gets fully utilized. Additional gains of 2015-16 should be offered for tax assessment.
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