The answer is (b) 81,55,705
LTCG for Residential House Property is NIL. I need a detailed explanation for LTCG for jewellery after exemption u/s 54F.
Help with income tax question ( capital gain)
Replies (1)
- Exemption in this case can be claimed only in one HP as the aggregate capital gain exceeds 2 crs.
- For investment of 2.50 Crs, sec. 54 exemtion can be clained full i.e. 2 Crs.
- for remaining 50 lakhs additional investment, exemption u.s 54F could be claimed in the ratio of 98 to 298. i.e of Rs. 16,44,295
- so the capital gain liability will be 98 lakhs minus 16.44 lakhs ie. 81.55 lakhs
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