06 June 2013
Please solve my query regarding capital gain & exemption: Q. In F.Y 2011-12, Long term capital gain is calculated as follows: Long term capital gain on Gold : 10,00,000 Long term capital gain on House A : 20,00,000 Total 30,00,000 House B is purchased for Rs. 30 lacs Less : Exemption u/s 54 (For House A) : 20,00,000 Less : Exemption u/s 54F (For Gold) : 10,00,000 Net Long term capital gain Nil Now in F.Y 2012-13 House B is sold for Rs. 54,00,000 and House C is purchased for Rs. 90,00,000/- Please tell me the tax treatment and whether exemption u/s 54/54F can be claimed for House C
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