My capital gain is worked out at an amount more than actual profit I earned in the sale of my asset because of application of section 50C of the Income tax Act. Am I eligible for exemption of such deemed capital gains in entirety?
Yes. Where capital gain is assessed
on notional basis under section 50C, whatever amount is invested in new
residential house within prescribed period under section 54F would get benefit
of deduction irrespective of fact that funds from other sources are also
utilized for new residential house.
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