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Capital gain

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(Querist)
08 November 2013 Property sold in Aug., 2013 say Long Term Capital Gain Rs. 1 cr. after applying index.
Invested in July, 2013 Rs 40 lakh in Res. Flat under construction property out of own source and balance Rs. 60 lakh in Nov., 2013.

Is it possible to claim Rs. 40 lakh u/s 54 for under construction property before arising capital gain ?
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CA JATIN TALREJA

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CA JATIN TALREJA (Expert)
12 November 2013 In order to claim full exemption from long term capiatl gains the entire amount of long term capital gains of Rs.1 crore should be invested in new resedential house property and the same property to be constructed within 3 years of transfer of first resedential house . Since only 60 lakh is utilised the exemption will be restricted to 60 lakh only. However there are certain procedural conditions regarding the utilisation of the amount to be kept in a CAPITAL GAINS SCHEME ACCOUNT in a bank if the money is not fully utilised within the time limit.
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