CAPITAL GAIN

[N S CHANDRASHEKHARAPPA CHANDRASHEKHARAPPA]

I AM PURCHASED SITE ON 01/06/1984 OF RS. 25000/- AND SOLD IT ON 10/10/2008 FOR RS.650000. IN THE NEXT MONTH I AM PURCHASED ANOTHER SITE OF RS. 125000/-. I AM STARTED HOUSE CONSTRUCTION ON 28/10/2009. IS IT CLAIMS EXEMPTIONS OR NOT

AI Summary

Individual Seeks Tax Exemption Advice on Capital Gains with Indexation Benefits, Considers Section 54F Eligibility An individual purchased a site in 1984 for Rs. 25,000 and sold it in 2008 for Rs. 650,000. Subsequently, they bought another site for Rs. 125,000 and began house construction in October 2009. They inquired about eligibility for tax exemptions. A chartered accountant advised calculating the capital gain with indexation benefits and suggested claiming exemption under section 54F. Consulting a CA or advocate for specific tax planning was recommended.