Is capital gain exempt if LTCG on sale of land is used for buying flat in joint name ?


Exemption u/s 54F states that exemption from tax on Long Term Capital Gains on sale of asset other than house is allowed if the net consideration ( Sales consideration less exependiture on selling the asset) should be invested in residential house.So, it is not the LTCG which should be invested , but the net sale consideration. Pleaase read For Exemption u/s 54F , Net Sales Consideration Should Be Invested or Used and Not The Capital Gains !

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