54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2013 I have sold a residential plot on 21/11/2012 for Rs 6500000. Cost of acquisition is Rs 1948302 without indexing. And Rs 2288605 with indexing.
I got the allotment on 25/04/2003. So I am eligible for capital gain exemption.

I have booked a flat on 7 May 2010. I have made a payment of Rs 3628099 till date.
I have consulted a CA and they say that I can only claim the last one year amount not the complete amount and that amount is Rs 2310630.

I have to make Rs 1000000 more payment in the flat and I want to use the balance amount ( 6500000 - 2310630 - 1000000) in the interior of the flat.and before Nov 2014.

In allotment letter it was written that I will get possession in 36 months from Dec 2010, that is due in Dec 2013.

Few of my questions is :
1. Can I come under 54F ?
2. Can I claim the exemption for flat which was booked in year 2010. but the construction is still going on and only on the amount that in paid in last year of date of sale.
3. How much money should I put in capital gain scheme account before 31st July to save my complete tax.
4. I have taken a loan from my sister to pay the booking amount that I paid back to her in Oct 2011 . A month before selling the plot. Can I also claim that amount for exemption?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 July 2013 1. Yes
.
2. Amount paid 1 year prior to sale and till
31.07.2013- will be treated as amount invested in residential house property.
.
3. By keeping the money in capital gains account and utilising the same within the prescribed period of two years after sale will make you eligible for deduction.

You have to invest (Sales consideration - Amount paid between 21.11.2011 to 31.07.2013 for the flat)
.
4. Loan repayment -will not be allowed as the said amount was utilised earlier then 1 year from date of sale.
.

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