Capital gain

This query is : Resolved

babita Matta (Querist)
Follow

05 February 2013 Assessee is an individual, who has sold a residential house on 14.06.2010 i.e during AY 2011-12 which was purchased in FY 2000-01. Out of this sale, Long term capital gain of Rs. 30 lacs was arised. He has deposited Rs. 30 lacs in Capital Gain account scheme before due date of filing of return of income related to AY 2011-12 and claimed the exemption under section 54 of the Income tax act in the Return of income for AY 2011-12. He booked a flat for which the payments are to be made in instalments. Amount of Rs. 20 lacs has been paid to the Builder out of Rs. 30 lacs and Amount of Rs. 10 lacs is still remaining in Capital Gain account scheme as Builder has not demanded further instalments till date. Now as per provisions of Income tax act, unutilized amount in Capital Gain Account Scheme is taxable in the previous year in which the period of three years from the date of transfer of the original assets expires i.e. AY 14-15.
My query is whether this unutilized amount is still taxable as this is ultimately payable to the Builder against booking of flat.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 February 2013 If you are sure of not paying this amount to builder before 31/03/2014, then go ahead. Waiting for another year or so may not be fruitful in that case.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

venkanna setty

shubham agrawal

R.Prashanth

Nilesh Matekar

Jayesh Pipalwa

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA