long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2009 An individual invested in idustrial plot booking 5 year ago ,now he sells it & purchase another indutrial plot . can he claim the exemption under the head of 'capital gains' chapter and under which section?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

24 November 2009 Exemption available only on purchase of residential house property. Hence no exemption available

Jagdish Narayan Sawant

Jagdish Narayan Sawant (Expert)
Follow

24 November 2009 exemption will not be available in the case mentioned by you,
but if you invest proceeds from the sale of long term capital assets withing 6 months after the date of transfer of original assets in the long term specified assets
the u will get exemption under section 54EC

Upgrade to CAclubindia Pro. Subscribe Now!