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Capital gain
Dear sir,
similar ques.sir, if Plot Purchase in 1991 and sale is 2015 , recovered amount will invest in New Flat and Plot, then liable to pay Capital Gain.
Replies (3)
If the sale proceeds of the plot sold is say Rs. 1 lakh (example), out of which you purchase flat for say 75K (75%); in that case 75% of your capital gains from the sale of plot is exempt u/s. 54F. Suppose you earned 60K as capital gains (after indexation) from the plot then you have to pay CG Tax on 25% of gains i.e. over 15K.
Investment in another plot has no exemption advantage.
If you have invested the capital gains amount in flat within 2 years from the date of sale then you are eligible to claim exemption under section 54.
Sorry I mean section54 F.
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