EXEMPTION CAPITAL GAINS

The benefit of exemption under Section 54 is available when following capital asset is transferred

• Long term residential house property

• Short term residential house property

• Long term residential plot of land

• Short term residential plot of land

For claiming the benefit of exemption under Section 54 ____ new residential house property must be purchased within 2 years of transfer of capital asset

• 1

• 2

• 3

• Any number of

For claiming the benefit of exemption under Section 54 one new residential house property must be constructed within ______of transfer of capital asset:

• 1yr

• 2yr

• 3yr

• 4yr

For availing exemption under section 54, which amount is eligible for availing exemption?

• Purchase/Construction of one residential house property upto due date of return of income

  only.

• Deposit in capital gain account scheme upto due date of return of income only.

• Purchase/Construction of one residential house property upto due date of return of income

  and deposit in capital gain account scheme upto due date of return of income.

• Purchase / construction after three years from the transfer date.

For claiming exemption under Section 54B, Short term or long term capital asset being land which, in the immediately ----------- preceding the date on which the transfer took place, was being used by the HUF or individual or his parents for agricultural purposes.

• 1yr

• 2yr

• 3yr

• 4yr

The benefit of exemption under Section 54D in respect of Capital gain on compulsory acquisition of land and buildings in certain cases is admissible to

• Individual

• HUF

• AOP

• Any person

In order to enjoy exemption under section 54EC, the resultant long-term capital gains should be invested in specified bonds within a period of ______ from the date of transfer.

• 36mnt

• 4mnt

• 6mnt

• 12mnt

The maximum amount of investment in bonds during any of the financial year for claiming exemption u/s 54EC is -

• 10L

• 25L

• 50L

• NIL

A residential house is sold for Rs` 90 lakh and the long-term capital gains computed are Rs. ` 50 lakh. The assessee bought two residential house for Rs.` 30 lakh and Rs.`20 lakh respectively. The amount eligible for exemption u/s 54 would be-

• 50L

• 30L

• 20L

• NIL

For claiming exemption under section 54EC the investment must be made in bonds of

• NHAI or NABARD

• REC or NABARD

• NABARD or PFC

• NHAI or REC