Capital Gains

This only aplication of sec 74  of income tax act so STCL can be set off in LTCG but LTCL should set off only against LTCG

T.S.Mohana harish , harish_ts1984 @ yahoo.com

My father received house from his father as will in 1984-85 he incured Rs around 170000 for improvement in the same year and he sold the entire house on F.y 2007-2008 for consideration . The entire amount of Consideration is invested in caital gain account scheme in sbi before the due date . still the invested in capital gain account scheme is not utlised . My question is 1) can we use indxation for imrovement at the time of sale . 2) the invested amount is fully exepmted or partly exempted . pl help me most urgent Advance thanks e-mail- harish_ts1984 @ yahoo.com .

T.S.Mohana Harish

yes section 74 applies

its a simple fact noding interseting or complication

ya this section 74 is very simple