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TMI BlogLTCG on sale of old house.X X X X Extracts X X X X X X X X Extracts X X X X ..... LTCG on sale of old house. X X X X Extracts X X X X X X X X Extracts X X X X ..... ouse on 19/11/2009 and booked LTCG of Rs35 Lacs.To avail Cap.gains tax exemption,I booked a flat for Rs 30 Lacs.To avail full exemption,can I buy Cap.Gains Bonds for the balance of Rs 5 Lacs at the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of 3 years period allowed for construction? Please clarify.Thanks. Reddy S.R. Reply By malhar shenoy: The Reply: To avail the exemption from Capital Gain , the house to be purchased within 3 year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s subject to condition stipulated under section 54. in the above referrred case the balance of Rs 5 lac not utilised for the purchase will be taxable as LTCG. To avoid the tax the amount can be depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited in Capital Gain Sheme a/c in the bank , for the purpose of utilising the same for contruction only . so the bond specified u/s 54EC has to be purchased within 6 month from date of transfer. and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n no case beyond that date or end of three year.
Reply By Reddy S.R.:
The Reply:
Dear Malharji,
Thank you very much for your prompt reply to my query.
Reddy S.R. X X X X Extracts X X X X X X X X Extracts X X X X ..... haring ..... X X X X Extracts X X X X X X X X Extracts X X X X
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