Query relating to s. 54f cg
This query is : Resolved
08 August 2012
Dear Sir,
my query is relating to Sec.54 F of income tax act.
My client has long term capital gain of Rs. 30 lakhs from sale of Gold, he has purchased a house 1 year before for Rs. 35 Lakhs by borrowing loan from bank of Rs. 25 lakhs. All the conditions of sec.54F are satisfied, I want to know what will be exemption he get?
Formula of 54F = 35,00,000*30,00,000/32,00,000
or = 10,00,0000*30,00,000/32,00,000
Which is correct for taking exemption
Pleas suggest me.
my query is relating to Sec.54 F of income tax act.
My client has long term capital gain of Rs. 30 lakhs from sale of Gold, he has purchased a house 1 year before for Rs. 35 Lakhs by borrowing loan from bank of Rs. 25 lakhs. All the conditions of sec.54F are satisfied, I want to know what will be exemption he get?
Formula of 54F = 35,00,000*30,00,000/32,00,000
or = 10,00,0000*30,00,000/32,00,000
Which is correct for taking exemption
Pleas suggest me.
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