amrit lal chaturvedi (Proprietor) (33 Points)
20 March 2014i have purchase a agriculture land at indore of Rs. 3100000.00 in financial 2007-08 and i have sale the land of rs 18000000.00 in financial year 2013-14 and calculate the capital gain tax the tax amount of rs. 2543412.00
1. dear all my question is how many option to save the capital gain tax.
2. If i have make the FD in capital gain scheme then FD is rebatable in income tax department or Not.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 20 March 2014
1. You can invest in another agriculture land and get expemption u/s 54 B
2. you can invest in residential house and get exemption u/s 54 F
NOTE:
A) if you deposit capital gain amount in a special capital gain deposit account in that case also you need to utilize the amount in 2 year from date of transfer of original assets.
ujjaishravan
(accountant)
(212 Points)
Replied 20 March 2014
You can claim pexemption u/s 54B, 54EC, 54F
54B- with in 2 years you have to purchase a new agricultural land (or) you have to use the amount for agricultural purpose. So you have 2 years time to purchase said land. but you have to deposit the whole amount to Capital Gains Savings Accounts in any bank has such CGAS scheme notified by Central government. The deposit should be made in this financial year only.
54EC- within 6 months you can deposit up to 50,00,000 in NHAI (National Highway authorioties of India) bonds or RECL (Rural Electrification Corporation Limited) bonds.
54F- within 3 years you have to construct a house property or with in 2 years you have to purchase a house property. So you have 2 years time to purchase said property or 3 years to construct said property. but you have to deposit the whole amount to Capital Gains Savings Accounts in any bank has such CGAS scheme notified by Central government. The deposit should be made in this financial year only.
amrit lal chaturvedi
(Proprietor)
(33 Points)
Replied 20 March 2014
That means i have not save the capital gain because no future planning for purchase of agriculture land but please confirm me if i have purchased the residencial property such as plot or flat so save the tax or not
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 21 March 2014
if you purchase a residential flat than definately you would save tax u/s 54
ujjaishravan
(accountant)
(212 Points)
Replied 21 March 2014
But Mr.Gupta, if Mr.Chaturvedi wants to claim full exemtionu/s 54F then he has to invest the whole net sale consideration in purchasing of flat. further he has no future plan about purchasing house property. so he can claim whatever the amount under 54F if he purchased a house property one year before
Prateek
(article)
(23 Points)
Replied 21 March 2014
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