Section 54 f - exemption from capital gains tax

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Ankur Kothari (Querist)
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27 March 2016 1. Invested Rs. 30 Lakhs on Under construction house from own funds in the financial year 2015-16.
2. Selling a plot with a Long term Capital Gain of Rs. 55 lakhs in March 2016.
3. About to invest a minimum of Rs. 25 lakhs more in the under construction house.
4. Investment Prior to Selling of Plot = 30 Lakh + Investment after selling the plot = 25 lakh totals 55 lakh.
5. Do I need to pay any tax now.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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27 March 2016 Tax need not be paid. But the investment should be made before 31-7-2016. If not deposit the unspent amount in capital gains exemption scheme on or before 31-7-2016 and issue for construction after that date from that account.

Ankur Kothari

Ankur Kothari (Querist)
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27 March 2016 What about the amount that I have already invested in the under construction house before the sale of the plot.

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