Capital gain

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AL VAHID (Querist)
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01 August 2013 One Land was sold in FY 2012-13, & arising capital gain of Rs. 5 lakhs.

One another land is sold in FY 2013-14 but before 30 sept 2013, Giving rise to capital gain of Rs. 5 Lakhs.

So, there is Rs. 10 Lakhs on hand.

So, Please suggest me a way for investing and getting exemption u/s 54f in both the years.

Due Date for filing return is 30 sept 2013 for FY 2012-13.

Thanks & Regards.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2013 You can get exemption U/s 54F in respect of the capital gains earned in both the FYs by purchasing a Single Residential House before Sep 30, 2013.
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You have to invest "sales consideration" received in respect of the "one" land before 30.09.2013 and you can further invest sales consideration received in respect of the "one another " land after 30.09.2013 but before the next due date (31.07.2014 / 30.09.2014).
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In that way you will claim exemption in 2 consecutive AYs by adhering to the conditions of Section 54F.
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Rupesh Jain

Rupesh Jain (Expert)
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01 August 2013 for F T 2012-13 capital gain to be invested before due date of return filing 30.9.2013
for that you can purchase residential house Rs. 5000000/- or deposit in capital gain a/c before return filing date,
for FY 2013-14 you have to invest or deposit amount before 30.9.2014

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