Dear Sir,
let me inform about the below tax matter.
Mr. H has got property as gift in 21/04/2014 from father. His father Purchased the same Plot of agricultural land in1985 at Rs. 18000/-. and Mr. H sold the same land and Invest the received amount in NHAI bonds and RECL bonds and also purchased Residential House Property in City.
Whether Mr. H is eligible for exemption from New Residential House?
Which Financial Year should be considered for LTCG? Whether it should be the 1984-85 or 2012-13. Please Guide me about the above matter. Thanks & Regards Hayedar Shaikh
CAclubindia
