18 December 2012
YOU HAVE TO PURCAHSE NEW RESIDENCIAL HOUSE PROPERTY EITHER BEFORE ONE YEAR OR AFTER 2 YEARS FROM DATE OF SALE. U ALSO PLAN FOR CONSTRUCTION A NEW RESIDENCIAL HOUSE PROPERTY BUT CONSTRUCTION SHOULD BE COMPLETE WITHIN 3 YEARS FROM THE DATE OF SALE.
FOR ABOVE MENTION TIME PERIOD (2 YEARS OR 3 YEARS) U HAVE TO DEPOSIT CAPITAL GAIN AMOUNT WITH "CAPITAL GAIN ACCOUNT OF SBI".
EXPMTION (LEAST OF THE FOLLOWING) 1. CAPITAL GAIN, 2. COST OF ACQUSITION/CONSTRUCION OF NEW PROP.
18 December 2012
A person can purchase another residential property 1 year before, 2 year after the sale of house property or construct house property within 3 years of sale od house property. property should be residential, or u can invest upto 50 lacs in REC bonds or NHAI bonds...and exemption available will be capital gains on transfer of residential land or investment whichever is lower
CAclubindia
