CG EXEMPTION on sale of House property ?

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RAVI (Querist)
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14 July 2010 my client sold 4 yrs old selfocupied housepropert in 40 lacs, indexed cost of aq 25lacs

and enters in agreement to purchase new house cost 60lacs, downpayment 6 lacs and
balance keeping in sb a/c ...

how much 54 exeption he get...entire proceed or down payment only..

for AY 10-11 as on 13.07.2010

pl guide

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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14 July 2010 If the person has kept the gain on sale of house property in Capital gain account before the due date of filing of return, he will get the deduction for whole amounr of gain

In your case, LTCG is 15 lacs out of which 6 lacs invested for purchase of new house,if he kept balnce amount of rs.9 lacs in Capital gain account he has nothing to pay as tax.

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