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Claiming exemptn. of long term cap.gains tax u/s 54ec+54f

(Querist) 24 October 2012 This query is : Resolved 
A vacant plot of land was sold for a net sale consideration of Rs.1,10,36,000/-. The fair market value, after indexation, of the land, as on 01/04/1981, was Rs.19,39,091/-. Hence, Long Term Capital Gain was Rs.90,96,909/-.

The following are the investments made and proposed to be made for claiming tax exemption:
1)Rs.50,00,000 in NHAI plus REC bonds for exemption u/s 54EC(now, investment already made),
2)Rs.60,36,000 in a residential property for exemption u/s 54F(proposed to be made)

Please advise:
a)computation of the total tax exemptions that can be availed,
b)total Long Term Capital Gains Tax payable after considering the exemptions.

A V Vishal (Expert) 25 October 2012
No LTCG tax since the investment is more than the LTCG as per the procedure prescribed u/s.54F
Kapil Tiwari (Querist) 25 October 2012
Thanks, Vishalji!


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