[From Exemptions Chapter ] Section- 54.. If an individual sells his house property and start constructing a new one and spend a part of his LTCG obtained from earlier house But at time of filling Income tax return deposits remaining part of LTCG in Capital gain account scheme So which amount will be exempted..? Whole CG or part of CG deposited
3 Replies
Jaspreet Singh
(Student)
(18 Points)
Replied 21 April 2019
all exempt. claim the full deduction in section 54 and mention details of the cost of new residential house plus amount deposited in CGA scheme in details of deduction section in return Form.
P M Panchal
(other)
(291 Points)
Replied 21 April 2019
The sum of amount already invested in construction of house property, and remaining deposited to CGSS account for future investment.
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 14 May 2019
thanks for answering , be blessed with Divine
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