I have sold a land in Feb 14 for 27 lacs ( purchased in Jan 2009 for 7 lacs). I purchased a house for 36 lacs in May 2014 to save capital gains for the land sold in feb 14. Also i made a long term capital gains on sale of unlisted shares in my friends company in June 14 of 3 lacs. Can i claim exemption in both the capital gains ( land in feb 14 and ltgc in unlisted shares of 3 lacs in june14) against the house purchased for 36 lacs in may14 under section 54f
Dear Vivek,
Both the transactions occur in different financial years. Hence I believe that the exemption on 54F will be resticted to only one capital gain. This i feel is the conservative approach. On the other hand you can take a stand wherein you can claim 54F in the first year and in the second year the unexhasuted portion of purchase value can be applied as exemption u/s 54F. But this view in my opinion will not sustain and will end in litigation.
Austin Med Solutions Pvt Ltd
Bengaluru
CA
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Saini Pati Shah & Co LLP, Chartered Accountants
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