One of my friend has get an Urban agriculture land in May 2006 after death of his father (Purchased in 1979). My friend has sold the land in January 2012 & earned Capital Gains.
I want to know:-
1.The benefit of indexation will come from 2006 or 1979 & what is the status of fair value.
2.He wants to invest Rs. 50.00 Lacs in NHAI Bonds in March 2011 & another Rs. 50.00 Lacs in April 2011. Will he receive full exemption of Rs. 100.00 Lacs as he invests within 6 months of sale?
3.He also wants to invest in a residential house for Rs. 30.00 Lacs. Will he receive exemption?
4.He has bought in September 2011 some shares of a Listed Company through Stock Exchange & gets free Bonus shares. He sold the original shares after getting Bonus shares in November 2011 & incurred loss due to deduction of full value of cost from sale consideration. Will he set off the aforesaid losses from Capital Gains of Land?
Kindly reply it will be a great help. Thanks.
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