I recently sold my residential plot, that I had purchased in year 2006. There will be some capital gains, after applying the indexation and computing the difference between the purchase value and the sale value. I am planning to purchase a farm plot in a project being developed by a Real Estate developer. This plot is current not granted the NA status. Will I be entitled to offset my Long term Capital gains, if I were to invest in this project? Please provide details around the investment avenues in real estate and the exclusions if any to be kept in mind, so that I can get the tax exemption benefits. Thanks and Regds Sanjiv
01 April 2012
u will have to purchase a residential house within two years from date of transfer of plot or construct a residential house woithij three years fromj that date to get the exemption. Exemption amt will depend upon the cost of new asset, cap gain and net cosideration from sale of plot CA MANOJ GUPTA JODHPUR 09828510543
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