CAPITAL GAIN TAX

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  1. AK1957

    AK1957 New Member

    I have sold a residential property in May 2015 on which there is long term capital gain of Rs 212 Lakhs. I have already invested Rs 50 Lakhs in REC capital gain bonds in the month of August 2015. The balance capital gain of Rs 162 lakhs is intended to be invested in purchase of residential house. Will I get long term capital gain exemption of total 212 lakhs, ie Rs 50 lakhs invested in capital gain bonds and Rs 162 laks in purchase of residential house. Presently I have only one residential house in my name.
     
  2. V K Khanna

    V K Khanna Active Member

    You can claim exemption from LTCG tax under Sec 54EC and 54 provided the Capital gains arising out of transfer of the previous asset, are utilised by you within the time limit prescribed under Sec 54 for purchase/construction of the residential property.
     
  3. AK1957

    AK1957 New Member

    Thanks. & regards
     
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