Dear Sir 

For the Assessment year 2012-13 , Mr. A purchased a residential property and its value after Index is Rs.8266667/- and same is Sold in June 2011 with Rs.45000000/-. the long term capital gain is Rs.36733333/- amd he invest the u/s 54 in Residential Plot in June 2011 Rs. 43035600/- . Net capital gain NIL.  But the plot could not construct up to June 2014. Now the question is Long Term Capital Gain is applicable on Rs.36733333/- or NOT applicable.

 

Dear Mr. Kumar,

Yes, in this case entire capital gain exemption, which has been claimed in the year 2011-12 i.e. Rs.3,67,33,333 shall be taxable as Long Term Capital Gain in the Financial Year 2014-15. 

If you have questions, Pl post the same.

Kind Regards
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