exemption of capital gain on reinvestment in plot

This query is : Resolved

hemant gawale (Querist)
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29 March 2011 I am retired and I have sold my resi NA plot after 3 years and I have immidiately given advance for Purchase of New Plot to the extent of Sum Received from sales proceeds.
In this trasaction should I pay Capital Gains TAx or will it be exempt as I have immidiately invested as per agrrement to Purchase of Plot

Please advice and oblige

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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30 March 2011 Hi,

Your are eligible for benefit U/Sec 54 as long as you have purchased the new Residential HP with in 2 years or Constructed the Residential HP with in 3 years.

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons