Ltg on sale of industrial plot
This query is : Resolved
03 May 2013
one of my client individual has purchased the industrial plot in 2007 for Rs. 6.00 lakh and plot was lying vacant and in the year 2012-13 he has sold the same plot for Rs. 12.00 lakh and out which he has invested in another Industrial plot Rs. 12.00 lakh, whether by investing in new industrial plot he will get any expemption under the long term gain tax the IT ACt 1961
14 June 2013
Sorry no exemption u/s 54 or 54F is available as he has not invested in residential house. He has also not deposited money u/s 54EC i.s bonds. So apply the indexation and pay the tax of LTCG if it is applicable
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