Capital gain exempt or not
This query is : Resolved
25 November 2014
Sir,
My question is as below:
sir, I have sold long term taxable agricultural land and also invested in residential property. Sir, can I take deduction for investing in residential house against long term capital gain arise by sold agricultural land? If i can take benefit then under which section? please reply at your earliest.
My question is as below:
sir, I have sold long term taxable agricultural land and also invested in residential property. Sir, can I take deduction for investing in residential house against long term capital gain arise by sold agricultural land? If i can take benefit then under which section? please reply at your earliest.
25 November 2014
Under section 54F you can claim exemption.
25 November 2014
yes agreed with above reply
26 November 2014
But condition is that u should not be any other house @ time of acquisition..
26 November 2014
The above exemption shall be available only when the assessee does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F
26 November 2014
agree with seetharam's view..........
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