Investment from Capital Gains Account Scheme

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  1. supreme

    supreme New Member

    Long term capital gain earned at Rs.14 lacs deposited in capital gain account scheme on 30.09.2010. Residential house is purchased on for Rs.8 lacs on 15.12.2010. Another house will be purchased subsequently after one year. Is exemption available on purchase of two houses or tax is required to be paid
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    The Capital Gains are exempted if the amount is invested within 3 years from the sale. 3 years have already lapsed. Therefore exemption wont be available in this case.

    Moreover, budget 2014 has introduced an amendment which states that Capital Gains arising from the sale of a Residential Property should only be invested in a single residential property and not in multiple properties.
     
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