TaxTMI 
TaxTMI 
LTCG on sale of old house.
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....TCG on sale of old house.<br> Query (Issue) Started By: - Reddy S.R. Dated:- 8-12-2011 Last Reply Date:- 8-12-2011 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear sir, I have sold my 5 years old ho....
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....use 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 end....
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.... 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 years....
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.... 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 deposi....
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....ted 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 in....
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.... 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.<br> Discussion Forum - Knowledge Sh....
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....aring ....