if an assesse sell one plot of rs.250000, and purchase residential plot of rs.300000/- then please tell me planning to save tax?
C.A. ANKIT SINGHAL (CA PRACTICE) (52 Points)
13 September 2009if an assesse sell one plot of rs.250000, and purchase residential plot of rs.300000/- then please tell me planning to save tax?
Satish
(CA Final Student)
(479 Points)
Replied 14 September 2009
If its a long term capital gain, he is eligible to claim exemption u/s 54F as the total amount gets invested provided, he should construct a house on it within 2 years from the date of capital gain. Plot of Land for residential purpose is also eligible for exemption u/s 54F.
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