Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 hi all,

I sold Land three years ago, some capital gain occure from same,

(1)Can I invest same in any thye of Land Like Non N.A. , N.A., Commercial?

(2) Also i can invest same capital gain in more then one properties.

Please Let Me Know

Thanks/regards
Pragnesh Trivedi

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 No, any capital gain arising as a long term capital gain must be invested within 3 years Under 54,54F,54B,54EC or in 54GB..

However, If you had deposited such gain under capital gain scheme scheme then you could have the option to invest..

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 My Queasetion is

Can I Invest Same in Land Or No any type of LAnd Like Agri, Non Agri, Commercial,

and

Can i invest same in more the one property

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 You can Invest it whether Agricultural or non-Agricultural Land, but exemption wont be available under any section specified above...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 OK So If capital gain occure during currant year form Land. same i can invest in Land Any type of land.

there are no certain limitatins for investing same.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 If its an Agricultural Land {Rural} then its exempt from tax, Urban Agricultural land is taxable but exemption is available in purchase of another agricultural land within 2 years..

Any other land sold and capital gain there on can be invest only U/S 54F {Purchase of residential Property} 54EC {Investment in NHAI or RECL Bonds} 54GB {Investment in Shares of specified companies}

Sale of land and then purchase of another land other than agricultural land, there is no such provision if you want to claim exemption from capital gain..

regards,

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 o.k thanks you very much.

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 hi
Can I bur Residential Non Agriculture plots form the same.

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 Please clear your query.. elaborate it...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 If Capital Gain occur while selling OF N. A. Land so can I Purchase N.A. Residential Plots from same to take Tax Benefit.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 Yes,You can claim benefit of such U/S 54F, but under this you have to construct a residential property on such plot within 3 years of from the sale of such Land...

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 ok thank you

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