29 March 2011
I am retired and I have sold my resi NA plot after 3 years and I have immidiately given advance for Purchase of New Plot to the extent of Sum Received from sales proceeds. In this trasaction should I pay Capital Gains TAx or will it be exempt as I have immidiately invested as per agrrement to Purchase of Plot
Your are eligible for benefit U/Sec 54 as long as you have purchased the new Residential HP with in 2 years or Constructed the Residential HP with in 3 years.
Thank you,
Regards CA. LOHITH.J B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
CAclubindia
