Ltcg exemption under sec 54f- please someone reply

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2011 Dear Sir,
If A buys a plot of land for Rs.2.7 lacs in 2002 & sells it for 20 lacs in 2011, what will be the LTCG. The stamp duty for acquiring the plot was approx. Rs. 30,000/-. Further, If A buys a house in 2011 for Rs. 15 lacs, how much exemption of LTCG will be available under sec 54F. The additional cost of stamp duty etc. for acquiring this new house is Rs. 80,000/-. What will be the amount of additional capital gains bonds to be purchased under 54EC to obtain complete exemption from payment of LTCG. Pl. send me the entire calculations.
With best regards,

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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13 September 2011 The year as given by you is not sufficient as the whole calculations are based on months. Year ends in March. I presume that the purchases is before March, 2002 the the following shall be the working.

Index cost shall be 552817
Selling Price is 20,00,000/-
Capital Grains
New House Purchased is 15,00,000/- +80,000/-

Hence there will not be any capital gains and you need not deposit anything u/s 54EC

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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2011 I think Shri Agarwal has not properly read my question. This is under section 54F (LTCG from sale of plot, not house) and total sale consideration is to be considered for calculation. Please calculate accordingly & intimate.
THANKS.

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