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| This query is : Resolved
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swapnilrahane
( Author )
24 May 2012
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my long term CG is Rs.15486/- is all that amount is payable to me or is there any way to save this tax amount? plz reply me...
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CA Navin Jain
( Expert )
24 May 2012
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PLEASE CLEAR WHICH TRANSAVTION YOU HAVE LONG TREM CG I.E. SAHRE OR PROPERTY.
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Siddhartha Bhardwaj
( Expert )
24 May 2012
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You can save tax by availing exemption u/s 54 or 54EC or 54F depending upon the type of asset sold.
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swapnilrahane
( Author )
28 May 2012
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I had Purchase Plot on JAN-2006 @ Rs.67000
& Sold Plot on MAY-2011 @ Rs.181000
On the above data I Calculate Capital Gain is Rs.15486
what can I do to save this Tax amount.... please reply
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Siddhartha Bhardwaj
( Expert )
28 May 2012
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1. You can invest in a residential house property and claim exemption u/s 54.
2. You can invest in specified bonds and claim exemption u/s 54EC.
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swapnilrahane
( Author )
28 May 2012
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can it is possible to invest in in now b'coz i am not submitting my ITR till date.
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swapnilrahane
( Author )
28 May 2012
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it is possible to invest now b'coz iam not filling my ITR till date
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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At present you can invest only in the residential house property because the time limit for investing in bonds is 6 months from the date of sale.
You have to invest Rs. 1,81,000 in a residential house property on or before 31st July, 2012. If you are unable to invest the same by that date then you have to deposit the amount in a capital gain account with a scheduled bank on or before 31st July, 2012.
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swapnilrahane
( Author )
29 May 2012
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for how many days i have to deposit this amount in schedule bank & how to deposit? & can i get any certificate from bank? & which bank provide this facility?
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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You have to deposit this amount before the due date.
You can utilise the amount only for purchasing the residential house property.
You have to utilise the funds within 3 years.
Only scheduled banks provide this facility. SBI, PNB etc.
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swapnilrahane
( Author )
29 May 2012
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1) the amount received after selling the plot which is rs.181000/-iam giving to my brother and he invest in another plot so can i get its benefit
2)before selling this plot i was purchase a plot at rs.141000/- in feb-mar-2010 can i get its benefit? pl.explain ......thnks
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swapnilrahane
( Author )
29 May 2012
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can i deposit the full amount which is rs.181000/- or only capital gain amount?
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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The plot should be in the name of the assessee.
The plot purchased for Rs. 1,41,000 is eligible for exemption. However you will have to complete construction on such plot within 3 years.
Exemption will be 1,41,000*15,486/1,81,000
= Rs. 12,064
If you invest the balance Rs. 40,000 in a capital gain account, then whole capital gain shall be exempt, otherwise Rs. 3,422 shall be taxable as long term capital gain.
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swapnilrahane
( Author )
29 May 2012
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within how many days i get back this amount or i can withdraw this amount?
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Siddhartha Bhardwaj
( Expert )
29 May 2012
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You cannot withdraw this amount except for the purpose of investing in the residential property. You can withdraw it anytime for making payments to the contractor.
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