Tax on house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2015 Sir a client bough a house in 2009 for rs. 5 Lacs & sold it in 2015 Rs. 15 Lacs, and don't want to bought a new property in next 1.5 years. Amount Rs. 15 Lacs deposited in regular FD.
Can he avail benefit u/s 54?

Ankur Singhal

Ankur Singhal (Expert)
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22 December 2015 Dear
To claim exemption under Section 54 you should deposit the amount of capital gain not utilized for the purchase/ construction of property under the capital gain account scheme. The amount should be deposited before the date of furnishing the return of income under section 139.
Since if you have sold property in FY 2015-16 then you can claim exemption by depositing the amount in the scheme. otherwise not.