Respected Board Members
I have a query regarding capital gain account scheme
the details are as follows:-
Purchase price 45000
sale price 500000
indexed cost of aquistion 45000*785/305 =115819
Capital Gain- 500000-115819= 384181
Now the query is what amount is to be invested in capital gain account scheme the whole 500000 or only the capital gain of 384181 ..
Reply ASAP
| Originally posted by : P A N K A J | ||
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Amount is to be invested depends upon thr deduction you are claiming... for 54 you have to deposit cg amt. and for 54f you have to deposit sv.. |
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i hv clearly mentioned it as "capital gain account scheme" so it means im looking to save tax under sec 54f
hello sir thats all very clear if u mention the yaers of acquiring nd transferring ...because yrs are basis for exemption nd treating them as longterm r short term....
Mr. Natesh is not right. Deduction u/s 54F is applicable only when a long term capital asset other than a residential house is sold and the proceeds invested in a residential house. Also, Mr. Stupid doglover (strange name for such a academic site) capital gains account scheme is applicable for both ; section 54 and section 54F.
hello sir,
its based on thr deduction and year of transfering and purchases.
CAclubindia
