14 September 2011
I PURCHASED A PROPERTY IN THE F.Y. 2003 AMOUNT RS. 5 LAC AND SOLD IT IN THE F.Y. 2010-11 AMOUNT 8 LAC . AND NOW I WANT TO RE-INVEST IN THE PROPERTY 3.5 LAC ONLY , IN THAT CASE HOW I CALCULATE MY CAPITAL GAIN.
14 September 2011
1.Investment is to be in New Residential House. 2.Exemption U/s 54F =Capital Gain*Amount Invested/Net Consideration. With in what period to be invested: 1.In case of Purchase-With in 1year before or 2 years, after the date of transfer. 2.In case of construction-With in 3 years after the date of transfer. 3.Should not own more than one residential House.(should not buy or Construct with in 3 years from the date of transfer) 4.New asset should not be transferred for a period of 3 years. 5.Unutilised amount should be deposited in capital gain scheme
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