If an individual has a Capital gain of Rs. 10 Crs from sale of shares and he purcahse new property worth 10 Crores paying Rs. 2 Crores from self and balance Rs. 8 Crs from bank finance. Can he claim the exemption for Rs. 2 Crs. of full 10 Crs?
3 Replies
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 28 March 2014
one can claim full exemption of Rs. 10 cr.
because in the law, nowhere mention that same funds must be utilize for further investment.
Vikas
(Practicing Chartered Acountant)
(79 Points)
Replied 29 March 2014
To avail full exemption U/s 54 F one must have to invest whole same consideration and not long term capital gain. You can invest from borrowed funds
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