30 March 2014
A PERSON HAS PURCHASED PLOT IN 1986 FOR 40000RS SOLD PLOT ON APRIL 2013 FOR 30 LACS . IN THIS TRANSACTION CAPITAL GAIN WAS 30 LACS
CONSTRUCTED HOUSE PROPERTY FOR 36 LACS, CONSTRUCTION STARTS IN JULY 2013 AND COMPLETED IN MARCH 2014 BUT HE HAS NOT DEPOSITED CAPITAL GAIN OF 30 LACS IN CG DEPOSIT SCHEME IN WHICH YEAR RETURN THIS TRANSACTION IS REQUIRED TO BE SHOWN, IF CONSTRUCTION COMPLETES IN APRIL 2014 THEN?
30 March 2014
Your assessment year shall be assessment year 2014-15 and you have to deposit the money before due date of filing of return. The due date will be 31st July, 2014 and you have applied the entire funds before 31.3.2014 and hence you need not deposit any money in separate account and the provisions of section 54F(1) will be applicable.
30 March 2014
Income tax provides you an option for exemption in respect of LTCG. You can either deposit the amount of Capital gain in deposit scheme and utilize it afterwards or you can reinvest the amount of capital gain in any other House property either by purchasing or constructing it. Since in your case the house property is constructed within 3yrs from date of transfer and too for an amt exceeding capital gain, the entire CG is exempted.
01 April 2014
the time limit to deposit amt in CGDS is 1 yr from the date of transfer and in order to claim this you need to file return within due date.
27 October 2014
IF 75% CONSTRUCTION COMPLETES IN MARCH 2014 & 25% IN APRIL 2014 ,THEN IN WHICH ASST. YEAR RETURN ,THIS TRANSACTION REQUIRED TO BE SHOWN ?
29 October 2014
EARLIER YOU HAVE REPLIED THAT IF CONSTRUCTON COMPLETES IN APRIL 2014, THEN TRANSACTION HAS TO BE SHOWN IN A.Y 15-16, NOW YOU ARE SAYING THAT IT SHOULD BE SHOWN IN A.Y 14-15. PLEASE CLEAR THIS..
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