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Help for (l. t. c. g.)
Dear all,
my friend is selling house for 40 lakh.
And under sc. 54 he is buying new one.
So my questn is can he utilise 10 lakh remaing money and invest it acordng to his will? Or he need to invest the remaing money under other sec.like 54 ec?
Replies (2)
Amount to be invested under section 54 is to the extent of long term capital gain...hence, the surplus amount i.e. the amount over and above LTCG can be utilize for any purpose...
if net consideration is 100 and index cost is 40 then, ltcg will be 60 and this [LTCG 60 ] u have to use for only acquire house or construct house as specified in section 54.
40 will be use for any purpose.
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