Capital Gain
This query is : Resolved
08 March 2010
My Client being an Individual having a resedential Plot taken on lease in Rajasthan since 1993. He has incurred total amount Rs.69003/- till 30.06.19999 towards cost of acqusition & Registration charges. Then He sold this Plot in Aug,2008 for a sale consideration of Rs.7,00,000/- through cash. Concurrently He purchased another Resedintial Plot in Ahmedabad on 16.10.2008. The Purchase consideration for the same is Rs.700,000/-
Now My question is whether he can claim long term capital gain to be exempt u/s 54 of I.T.Act as the entire capital gain is invested in another resedential Plot within the prescribed time.
Regards.
Sanjay Baheti
Now My question is whether he can claim long term capital gain to be exempt u/s 54 of I.T.Act as the entire capital gain is invested in another resedential Plot within the prescribed time.
Regards.
Sanjay Baheti
08 March 2010
In my opinion Yes, where I assume the lease is a perpetual ( very Long term )lease giving a probable & practical ownership right
08 March 2010
MR Chandrakant Amani.
Many-2 thanks for reply immrdiately.
Ca Sanjay Baheti
Many-2 thanks for reply immrdiately.
Ca Sanjay Baheti
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