Long term capital gains

k r purushothama rao (Querist) 15 March 2013 This query is : Resolved
IMMOVABLE PROPERTY SOLD FOR CLEARING DEBTS.
REPAYMENT OS SUCH LOANS CAN BE CLAIMED EXEMPTION FOR PAYMENT OF CAPITAL GAINS TAX.

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Raj Kumar Makkad (Expert) 15 March 2013
No. If the sale proceeds of such property are used to purchase residential house property only then such exemption can be got claimed.

R.V.RAO (Expert) 22 February 2014
exemption from capital gains(ON SALE OF IMMOVABLE PEROPERTY) is only available iF invested U/S 54F,/54EC.
KEEP THE CAPITAL GAIN AMOUNT IN CGAS till due date of filing tax return. then use the money for inv. stated above before the time limits.

R.V.RAO (Expert) 22 February 2014
exemption from capital gains(ON SALE OF IMMOVABLE PEROPERTY) is only available iF invested U/S 54F,/54EC.
OR KEEP THE CAPITAL GAIN AMOUNT IN CGAS till due date of filing tax return. then use the money for inv.before the time limits.

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