Please help urgently sec 54 f

Calculate CG/CL on both the properties and find out what is the Net gain/loss.  If it is an gain whihc is less than the cost of property purchased then whole of the CG wud be exempt.  If it is an loss, then the same can be adjusted against LTCG only.

How did u arrive at teh figure of 1096293

Rs 1096293 (capital gain for 2nd property) is calculated as under-

(1460000-120000*785/259)

and as per sec 54F amount of exemption is capital gain * cost of new asset / net consideration

therefore, 1096293 * 1215500/1460000

am i correct??

Mr Balkishan, you cannot get exemption u/s 54F if the asset sold is an house property as the section speaks of any capital asset, other than residential house property.  So u can claim exemptino only u/s section 54 or 54EC.

Originally posted by : Giridhar S Karandikar
	Mr Balkishan, you cannot get exemption u/s 54F if the asset sold is an house property as the section speaks of any capital asset, other than residential house property.  So u can claim exemptino only u/s section 54 or 54EC.

I've already written that the assessee has sold commercial property therefore section 54F is applicable.