Again a blasting post......

Thanks A lot bro..:)

Thanks Tushar for sharing.

Now, have a look in below described scenario , where two properties in different financial years are sold.

Assessee sells house in March 2011,(A Y 2011-12, P Y. 2010-11) invests amount of Rs. 50 Lakhs in 54EC REC Bonds in April 2011 (Within 6 Months). claims the exemption in A Y 2011-12 of Rs. 50 Lakhs.

In June 2011 (A Y 2012-13, P.Y. 2011-12), He sells another house and invests the gain of Rs. 50 Lakhs in 54EC REC bonds in August 2011 (Within 6 Months). Can he/she claim exemption of Rs. 50 lakhs in A Y 2012-13, based on relevance of Assessment years and separate properties?

thanks a lot for sharing... very useful information...

Originally posted by : Surya Prasad
	Thanks Tushar for sharing. Now, have a look in below described scenario , where two properties in different financial years are sold. Assessee sells house in March 2011,(A Y 2011-12, P Y. 2010-11) invests amount of Rs. 50 Lakhs in 54EC REC Bonds in April 2011 (Within 6 Months). claims the exemption in A Y 2011-12 of Rs. 50 Lakhs. In June 2011 (A Y 2012-13, P.Y. 2011-12), He sells another house and invests the gain of Rs. 50 Lakhs in 54EC REC bonds in August 2011 (Within 6 Months). Can he/she claim exemption of Rs. 50 lakhs in A Y 2012-13, based on relevance of Assessment years and separate properties?

KINDLY REFER TO ICAI'S NOV 2010 INCOME TAXPAPER WIC HAS SAME QUESTION U RAISED AND SEE THEIR SUGESTED ANS ON ICAIWEBSITE U WILL GET UR ANS.

Thank u all for ur kind comments and appreciaitng my efforts....

Respected , My Uncle purchase a land from HUDA in Gurgaon on 21-05-1993(conv. deed ad allotment date) Of Rs. 210719 , on 26-11-1996 HE HAS paid Rs. 26375 for registration fees. After that he has constructed 484 sq feet area on that plot and completion certificate took on 09-11-1998. he doesn't have the construction bills so dont know the construction value. Now He has sold the house in nov 2012 of Rs. 1,80,00,000/-. Now how can i calculate house construction value or what is the procedure? and what is the amount of Capital Gain, how it calculate ? Can he purchase a house and Tax Exempted bonds both. Thanks in advance. my email id is sunil_1308 @ yahoo.com  if you reply on this i will be very greatful to you.

Dear Tushar,

Thanks for your reply.

I referred to suggested answers, the difference between query asked by me and as mentioned in the November 2010 question paper is that, in case of my question two separate properties and two separate assessement years are involved, whereas  in case of suggeted answer only one property and one assessment year is involved.

I want to justify, whether limit of Rs. 50 Lakh for any financial year relates to only one assessment year, or one or more assessment years.illustrated as follows.

OPTION  A

For A Y 2011-12

Capital Gain                       50 Lakhs

Less: Exemption 54EC       50 Lakhs

                                          --------------

Capital Gain                       NIL

                                           --------------

For A Y 2012-13

Capital Gain                       50 Lakhs

Less: Exemption 54EC

(Since 50 lakhs exhausted

in F Y 2011-12)                   NIL

                                           -----------------

Capital Gain                        50 Lakhs

                                          ------------------

OPTION    B

For A Y 2011-12

Capital Gain                       50 Laks

Less: Exemption 54EC       50 Lakhs

                                          ----------------

Capital Gain                          NIL

                                           ------------------

For A Y 2012-13

Capital Gain                       50 Lakhs

Less: Exemption 54EC       50 Lakhs

(Since fresh Limit of 50

Lakhs for F Y 2011-12

relevant to A Y 2012-13)

                                           -------------------

Capital Gain                          NIL