Capital gain tax
This query is : Resolved
sunil kotian
(Querist)
26 June 2012
can anybody help me ;
mr X sold a site(land)in fy 2010-11.entire capital gain invested in flat purchase(only partial amt met) and he got exemption. In fy 2011-12, he sold another site(land) and now he intending to invest capital gain in same flat to met balance amt. whether he could get exemption on capital gain on second site sale?
mr X sold a site(land)in fy 2010-11.entire capital gain invested in flat purchase(only partial amt met) and he got exemption. In fy 2011-12, he sold another site(land) and now he intending to invest capital gain in same flat to met balance amt. whether he could get exemption on capital gain on second site sale?
Soumitra Basu
(Expert)
27 June 2012
Yes he will be entitle to invest in residential house for exempting the capital gain from sale of land.
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