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Capital gain tax saving scheme

saurabh goyal (self employed) (103 Points)

22 June 2013

Hello Members,

I have some queries regarding capital gain tax , I sold my property last year on 27 July , 2012. That time , I thought to invest the money again in buying new property but unfortunately I couldn't so . Now my question is ,how can I still avoid capital gain taxes. Any Scheme or investment tool? Till What time I 'm supposed to invest the money.?

Regards,

Saurabh

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4 Replies

@sh jais (live the life otherwise life leaves u.....) (1539 Points)
Replied 22 June 2013

dear sourav, for claiming benefit of deduction under capital gain scheem u have to invest the same amount within 180days of sale of property ur time has been lapsed... U can now have the option to puchase house property and for that u have to deposite taxable amount in captial gain scheem account.. I assumed u sold a long term house property...

valji (Accounts manager-MBA) (2150 Points)
Replied 22 June 2013

agree with above

Z ( ) (2960 Points)
Replied 25 June 2013

Reproducing the text of S 54

The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 , shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139 in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset

Transaction occured in july 12 so you can still deposit the amount and claim exemption

THE SIX MONTHS CONDITION WAS FOR SEC 54 EC