Capital Gain

This query is : Resolved

RAMAN KUMAR (Querist)
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08 July 2011 I submit that, I have sold a residential plot (house was not built only a residential land) in March 2011 and earned a long term capital gain Rs. 1.50 lacs (as it was with me more than 4 years).

1. Under which section it cover ?

2. Can I avail exemption u/s 154 EC ? If yes I have to invest entire sale proceeds or only capital gains of Rs.1.50 lacs?

3. OR, Can I also deposit the same in Capital Gain Accounts Scheme 1988 ? If yes, I have to deposit the entire sale proceeds or only capital gains of Rs.1.50 lacs.

Regards,

Raman Kumar

ABHISEK TOSNIWAL

ABHISEK TOSNIWAL (Expert)
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09 July 2011 Dear Raman,

You need to invest in 54EC or deposit it in the capital gain deposit scheme only upto the amount of capital gain made.

Regards,
Abhisek Tosniwal