Can you help on Capital Gains of NRI

RAJ (CA) (120 Points)

22 November 2010  

a) An NRI sold one Flat & one Shop, which he owned & got Long term Capital Gains and he invested the complete proceeds thereof in booking new flat in F.Y 2009-2010.

 

Now Long Capital Gains for:

1.)    Shop comes to Rs. 5,00,000 & Sales proceeds is Rs. 20,00,000/-

2.)    Flat is Rs. 30,00,000/-

 

He booked Flat in under construction and paid in that Financial Year Rs. 50,00,000/-.

Apart from this as on date of purchase he owns only one Flat which is also under construction, possession not yet received.

 

Can benefit u/s 54 & 54F, be taken simultaneously, whereby the GTI will become NIL.

 

b) If other income is NIL and GTI is only Long term capital gains i.e. Rs. 2,00,000/- will Rs. 1,60,000/- (Basic Exemption) allowed & only balance Rs. 40,000/- will be taxed @ 20% + 2% Edu & 1% Sec. & Hig Cess.