Capital gain

This query is : Resolved

Sundaram Kumar (Querist)
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09 November 2013 What is the time limes for reinvesting amount to get exemption in capital gain tax.

If I sole my property on December 2013 can I avail the exemption up to November 2014

CA Sanjeev Kumar

CA Sanjeev Kumar (Expert)
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09 November 2013 It should be reinvested before due date of filing ITR in general, otherwise, penalty for concealment may be imposed on you.

Thanks
Sanjeev

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 November 2013 TIME LIMIT AS PER U/S 54 IS PURHCAE OF ANOTHER RESIDENTIAL PROPERTY 1 YEAR BACK FROM DATE OF TRANSFER OR 2 YEARS FORWARD FROM DATE OF TRANSFER . FOR CONSRCUTION IT IS 3 YEARS.

YOU HAVE TO DEPOSIT THE ALL IN CAPITAL GAIN DEPOSIT ACCOUNT TILL DATE OF INVESEMENT .

FOR DETAIL ANALYSIS YOU CAN CHECK ON BELOW LINK.

http://www.simpletaxindia.net/2011/11/capital-gain-exemption-5454b54ec54f-at.html