Capital Gain Exemption U/s 54

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..... Mr. Rajinder incurred a Long Term capital gain of Rs.2250000/- from sale of residential property during the Financial Year 2011-2012. He invested Rs.2500000/- in new residential flat with in 4 months .....

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..... of the said Capital Gain i.e in 2011-2012 only and taken exemption U/s 54 of the I.T Act . NOW as the property newly purchased not suited him for any personal resons, he want's to sell that proper .....

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..... ty for 2500000/- without any gain or loss and purchase new property for Rs.3000000/-. Whether he will be entiltled for exemption U/s 54 of the I.T Act or the exemption will be forfeited. .....

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..... - Reply By CA GOPALJI AGRAWAL - The Reply = In such case, the exemption would be taken back. The cost of new propery would be taken net of exemption and the difference would be treated as short .....

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..... term capital gain hence no further deduction is allowed. - Capital Gain Exemption U/s 54 - Query Started By: - puneet virmani Dated:- 30-6-2012 Income Tax - Got 1 Reply - Income Tax - Discussion F .....

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..... orum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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