[From Exemptions Chapter ] Section- 54.. If an individual sells his house property and start constructing a new one and spend a part of his LTCG obtained from earlier house But at time of filling Income tax return deposits remaining part of LTCG in Capital gain account scheme So which amount will be exempted..? Whole CG or part of CG deposited
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Income tax
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all exempt. claim the full deduction in section 54 and mention details of the cost of new residential house plus amount deposited in CGA scheme in details of deduction section in return Form.
The sum of amount already invested in construction of house property, and remaining deposited to CGSS account for future investment.
thanks for answering , be blessed with Divine
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