Good Evening All,
I have sold my ancestral house property on AY 2015-16 for Rs,35,00,000/- and used Rs.10,00,000/- for purchasing an Agriculture Land and Rs.25,00,000/- for building a house on land which i had owned earlier.Can i get exemption for this? and How?
You were entitled to get exemption u/s. 54 for amount upto 25 lakhs, provided
i) ITR of the year filed
ii) the CG amount was deposited to capital gain savings account before filling return of the corresponding year. (assuming long term CG)
CAclubindia
