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Capital Gains Exemption
I am already having a house property in which my share is 50%. Now I have sold another land from which I have earned long term capital gains. Please suggest me if I invest this long term capital gain in a new house property of which my share will be 100% and can I avail Capital gain exemption?
Replies (5)
Look for section 54 exemption, this will get you the required CG deduction regards Tax
Looking for some reasoned answers with case laws if any.
As per sec 54 F you can get the exemption up to amount of captal gain invested in a new residential house provided that assessee does not own more than one house excluding the new one.you satisfy the condition hence you will get the exemption no futher case law needed.
HI,
1) YOU MUST PURCHASE RESIDENCIAL HOUSE PROPERY
2) WITHIN ONE YEAR OR IF CONSTRUCTION YOU WANT TO DO THEN CONSTRUCTION SHOULD BE COMPLITED WITHIN THREE YEAR.
BOTH SHOULD BE IN INDIA.
HI,
1) YOU MUST PURCHASE RESIDENCIAL HOUSE PROPERY WITHIN ONE YEAR
OR
2)IF CONSTRUCTION YOU WANT TO DO THEN CONSTRUCTION SHOULD BE COMPLITED WITHIN THREE YEAR.
REINVESTMENT SHOULD BE IN INDIA
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