Anil Rego |340 Answers |Ask -Follow
Financial Planner - Answered on May 31, 2021
An exemption is not available if long-term capital gains (LTCG) from sale of residential property are re-invested in an agricultural land.
You can claim exemption on LTCG by reinvesting the capital gains in a new residential property (house, not just land) situated in India, within 1 year prior or 2 years after the sale date of the old property (if the house is acquired) or within 3 years (if house is constructed). You can also invest in 54EC bonds for a maximum amount of 50 lakhs subject to conditions.
In this case, since you have invested sale proceeds to agricultural land, the LTCG will be taxed at 20% with indexation.
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