i have sold two plots in April 23,ie this financial year. I have long term capital gains of 55 L(net consideration of 69L)from plot 1,and 64L(net consideration recd is 77L)from plot 2.
As per my need purchase residential house with cost of 70L, is sufficient for me. Can i purchase house from amt received from plot 1, and pay CG tax on gains from plot 2. or my entire capital gains to be considered for taxation. If i wish to pay the tax, should it be paid immediately or as per the norms of adv tax, without penalty interest. Can I invest in any start up to claim the exemtion.
Investment in a start-up to claim exemption, you may be eligible for exemption under section 54GB if you invest the capital gains in an eligible start-up. However, this exemption is available only if you satisfy certain conditions, and the investment should be made within 6 months from the date of sale of the asset.
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