Query about capital gain tax exemption

when u purchase that building.?

The flat which i intend to sell is more than 3 year old.

Is purchase value of 17 lacks is in todays term or you purchase the property in 17 lakhs, if so provide the date/year for acqisition of property.

and You wish to invest 80% of the capital gain amount or sales amount?

Property purchase date : June 2009.

Property type : New construction :

Purchase Value : 17 Lacs (same is the registry value since a new construction)

Sale Value : Expecting 32 Lacs total. On paper value may be say 25 Lacs

So wish to invest this 25 lacs in a piece of Land - agriculture or non agri.

Please suggest- if i buy a land from the sale of flat - can i save tax?

If you want to sell a flat and invest in another flat, you may claim exemption u/s 54. But if you invest in a plot and don't intend to construct a house upon it, then exemption cannot be claimed.

Secondly, the sale price of the flat should usually be above the ready reckoner value of stamp duty. 

 

Wait for more replies.

Exemption can not be availed, not even u/s 54 since under that one of the condition is that assessee should not own more than 1 residential house property other than the new one. Here OP already holds 2 house property

 

Investing in bonds u/s 54EC is the only option

Hello Mr. Z

Cann't he avail exemption u/s 54F, where he can own more than one property and sell any one of the property which is not self occupied and invest the amount in land whether agriculture or not.

Thank you

Hello Mr. Z

Cann't he avail exemption u/s 54F, where he can own more than one property and sell any one of the property which is not self occupied and invest the amount in land whether agriculture or not.

Thank you

Conditions includes NOT MORE THAN 1 OTHER THAN NEW ONE(he already has 2 even after selling) SECONDLY exemption u/s 54f is available if investment is made in residential house property. LAND is not covered But such land would be covered if building is to be constructed thereon for the purpose of exemption u /s 54 or 54f. Since that cant be done in this case , the only way to avoid tax is to invest under 54ec FOR any doubts please refer the section and if you still have any doubt then you are welcome here