If an individual sold a residential house property in FY 12-13 for Rs.40 Lakhs and he receives the sale consideration in part payments (i.e) Rs.10 Lakhs in FY 12-13 and the balance (30 Lakhs) in the next financial year 13-14. The capital gain comes to around Rs.30 Lakhs.
If he purchases another house property for Rs. 55 Lakhs in the FY 12-13.
a) Can he claim the Exemption under sec 54 of Income tax Act fully for Rs.30 Lakhs (or)
b) He is eligible for the exemption upto Rs. 10 Lakhs
CAclubindia
