Latest Answer: Hi Sudhish,
To make you clear, i am giving you an example. Suppose an individual has a long-term asset (other than residential property) & he sells it on 1st April, 2013 for Rs. 1500000. Suppose, the indexed cost of the asset is Rs. 800000 then
Long Term Capital Gain will be = 1500000 – 800000 = Rs. 700000
In order to get full exemption u/s 54 F he will have to invest the full sale consideration of Rs 1500000 in construction of a house property before 31st March, 2016 or purchase a new residential house property before 31st March, 2015. If he has already purchased a residential house property on or after 1st April , 2012 then the amount invested can be adjusted with the purchase price of this property.
Latest Answer: But there are certain restrictions as well, if the capital gains remain un-invested until the due date of filing tax returns in India (i.e. 31 July), you may put the amount of capital gains in a Capital Gains Account Scheme (CGAS) with a bank (not later than the due date of filing your India tax return), and you can then subsequently withdraw this amount for reinvestment purposes.
