In case a sale is made of Rs.1 cr resulting into capital gain. then if the said amount is invested in a residential property worth Rs.2 cr.
Rs. 1cr can be claimed as deduction
what about the balance Rs. 1cr??
In case a sale is made of Rs.1 cr resulting into capital gain. then if the said amount is invested in a residential property worth Rs.2 cr.
Rs. 1cr can be claimed as deduction
what about the balance Rs. 1cr??
Dear Urvi,
Exemption cannot exceed the amount of taxable income, hence Exemption will be of Rs. 1 Crore only.
I culdn't understand what u r trying to say..plz clarify
balance amount of 1 crore cannot be claimed in aby subsequent years
Look, the first property u sold for 1Cr., so if there's any profit from that sale...
Then, the amount of exemption will be lowest of profit earned or the amount invested in new property....
So, 2 crores is obviously not possible
CAclubindia
