Capital gain
This query is : Resolved
Sundaram Kumar
(Querist)
09 November 2013
What is the time limes for reinvesting amount to get exemption in capital gain tax.
If I sole my property on December 2013 can I avail the exemption up to November 2014
If I sole my property on December 2013 can I avail the exemption up to November 2014
CA Sanjeev Kumar
(Expert)
09 November 2013
It should be reinvested before due date of filing ITR in general, otherwise, penalty for concealment may be imposed on you.
Thanks
Sanjeev
Thanks
Sanjeev
09 November 2013
TIME LIMIT AS PER U/S 54 IS PURHCAE OF ANOTHER RESIDENTIAL PROPERTY 1 YEAR BACK FROM DATE OF TRANSFER OR 2 YEARS FORWARD FROM DATE OF TRANSFER . FOR CONSRCUTION IT IS 3 YEARS.
YOU HAVE TO DEPOSIT THE ALL IN CAPITAL GAIN DEPOSIT ACCOUNT TILL DATE OF INVESEMENT .
FOR DETAIL ANALYSIS YOU CAN CHECK ON BELOW LINK.
https://www.simpletaxindia.net/2011/11/capital-gain-exemption-5454b54ec54f-at.html
YOU HAVE TO DEPOSIT THE ALL IN CAPITAL GAIN DEPOSIT ACCOUNT TILL DATE OF INVESEMENT .
FOR DETAIL ANALYSIS YOU CAN CHECK ON BELOW LINK.
https://www.simpletaxindia.net/2011/11/capital-gain-exemption-5454b54ec54f-at.html
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