Exemption on capital gain

Tax queries 349 views 2 replies

Hi friends....

     I have a query in capital gain exemption . "A  person is getting long term capital gain by selling a vaccant land in march 2013 which he purchased in november 2009.Then he purchased another vaccant land in the same month of sale i.e march 2013. whether the capital gain arising from sale of vaccant land is exempted because of the purchase of new vaccant land ?? If so under what section the same shall be exempted ??? 

Thanks in advance friends...

Replies (2)

An assessee may avail exemption u/s 54F by investing in a property other than a residential house within a period of 2 years, if there arises a long term capital gain from sale of a property other than a residential house. 

Thanks Mihir ji....


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