14 July 2011
R/Sir I hv a client who sold his plot which falls in municipal area in May -2010, the due date of filing is July 2011 ,calculation of LTCG is NFVC-2000000 Less- ICOA-39486*711/100 -280745 =1719255 My query is 1.Under which section he can invest money to save LTCG 2.What amt has to be invested. 3.If he has already invested LTCG in another plot Rs.917350 Then LTCG is 930675 How he can save This LTCG?
14 July 2011
Section 54F applies where the LTCG on sale of plot can be invested in another property / put in a bank savings/FD account under Capital Gains Scheme.
CAclubindia
