Capital Gain
This query is : Resolved
Lalit Sharma
(Querist)
15 December 2008
If a person sold a house property and fail to invest according to Section 54 F. and also fail to deposit capital gain in capital gain account which has to be maintained with bank. Can he avail exemption under Section 54F
15 December 2008
No, the person can not claim exemption
Ravikumar.G
(Expert)
15 December 2008
Time limit for 54F:
For purchase : Within one year before or two yrs after the date of transfer.
For construction : within 3 yrs after the date of transfer.
Holding period of new asset is 3 years.
For purchase : Within one year before or two yrs after the date of transfer.
For construction : within 3 yrs after the date of transfer.
Holding period of new asset is 3 years.
CA Tilak Raj Sharma
(Expert)
15 December 2008
Yes, if he failed to invest i time given u/s 54 then exemption cannot be claimed.
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