GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Proportionate to the net consideration price invested
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To the extent of amount actually invested
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To the extent of capital gain invested in the HP
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None of these
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Detailed explanation-1: -Capital Gains shall be exempt to the extent it is invested in the long term specified assets (subject to a maximum limit of Rs. 50 Lakhs) within a period of 6 Months from the date of such transfer.
Detailed explanation-2: -The sale or transfer of capital assets (gold, jewellery, shares, etc.) attracts capital gains taxable in the taxpayer’s hands. Under Section 54F of the Income Tax Act, 1961, tax exemption is allowed on the long-term capital gains earned from selling any capital asset other than a house property.
Detailed explanation-3: -Exemption is Allowed provided the Assessee has Long Term Capital Gains on transfer of any Residential House or Plot. Exemption is Allowed provided the Assessee has Capital Gains in connection with shifting of Industrial Undertaking from Urban area to any other area.