Regarding LTCG Exemption

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Indudhar (Querist)
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18 September 2009 If a person sells a plot for Rs 5 lakh on 30-3-2009 & Repurchases different plot of Rs 5 lakh on 20-7-2009. What will be the long term capital gains on such transaction?
Is LTCG exempt for AY 2009-10 on such transaction..
please help me guys with specific section.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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18 September 2009 Yes it is exempt because Capital Gain is invested within 6 Month. or Before due date of filing return of income.

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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19 September 2009 agree

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K V Subba Rao

K V Subba Rao (Expert)
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19 September 2009 Query is about Plot but not Flat. Please, therefore, review in the light of following:

˜Capital gains from sale of a plot is not the same as capital gains from sale of a residential house"

Source: http://www.financialexpress.com/news/capital-gains-from-sale-of-a-plot-is-not-the-same-as-capital-gains-from-sale-of-a-residential-house/322914/

However, there is scope to get Exemption u/s 54-F, if residential house is constructed on Plot

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