One of my client being an Individual has received a Commercial Shop by way of Gift from his elder Brother in Financial Year 2005-06. This Gifted Commercial Shop was sold in Financial Year 2010-11 for a Sale Consideration of Rs.15,00,000/- Now this entire Sale consideration is invested in another Commercial Shop in Financial Year 2012-13.Now Query is what the Tax treatment in Financial Year 2005-06,2010-11 respectively after keeping in mind Capital gains Provisions as per I.T. Act whether the said Long term Capital gain is exempted us 54F of I.T.Act or not.
Please reply soon as I have to file I.T. return For Asstt.Year 2011-12 is to be filed prior to 29/02/2012.
CAclubindia
