Capital gain
This query is : Resolved
05 October 2013
Respected sir
One of my client has sold a piece of land (House property) on which he was residing. On 04.03.2013 he sold this property and LTCG of Rs. 30 Lac arised.
The assessee has not invested this amount in any bonds and not deposited in capital gain account scheme whereas he purchased a new property (Land) on which, he’ll construct his house within next few months. This investment was made by him on 23.09.2013 for Rs. 32 Lacs.
As due date of filing return of income in case of my client is 30.09.2013 (As I have conducted an audit by applying provisions of section 44AD).
Now my question is that whether exemption u/s 54 will be available or not ?
And if it is available than in which section ?
Please guide as I have to file return of the client..
Sir, I have already posted this question on 26.09.2013 but so far I’m not in receipt of any expert reply.
Thanks with regards
(Subhash Mishra)
One of my client has sold a piece of land (House property) on which he was residing. On 04.03.2013 he sold this property and LTCG of Rs. 30 Lac arised.
The assessee has not invested this amount in any bonds and not deposited in capital gain account scheme whereas he purchased a new property (Land) on which, he’ll construct his house within next few months. This investment was made by him on 23.09.2013 for Rs. 32 Lacs.
As due date of filing return of income in case of my client is 30.09.2013 (As I have conducted an audit by applying provisions of section 44AD).
Now my question is that whether exemption u/s 54 will be available or not ?
And if it is available than in which section ?
Please guide as I have to file return of the client..
Sir, I have already posted this question on 26.09.2013 but so far I’m not in receipt of any expert reply.
Thanks with regards
(Subhash Mishra)
05 October 2013
Dear Subhash,
the asset sold is a land or a house? Please clarify. if it is a land, then 54 won't apply. However, 54F would be available.
In case 54F apply, you need to invest the whole of the capital receipts, not just the capital gains.
With regards to non-deposit of funds in capital gains accounts scheme, you can continue to do the same as long as you have not filed the tax return!!
the asset sold is a land or a house? Please clarify. if it is a land, then 54 won't apply. However, 54F would be available.
In case 54F apply, you need to invest the whole of the capital receipts, not just the capital gains.
With regards to non-deposit of funds in capital gains accounts scheme, you can continue to do the same as long as you have not filed the tax return!!
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