Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 A person sold a flat in Dec-2015 and kept the proceeds in saving bank account instead of capital gain scheme account and later purchased a new flat in july 2017( within two years of sale ) for which he utilised all the amount which he kept in saving account , so is he eligible to take benifit of sec.54??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 July 2017 Prima facie exemption u/s 54 will be denied since not deposited in capital gains accounts scheme,1984.

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 Agreed sir , but since the amount is used only for the purpose of purchasing another flat within a stipulated time ( before two year ) so is it defendable ? and what are the chances of getting notice if the benifit is taken?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 July 2017 If losing in assessment, try in appeal taking a plea that reinvested with in time and funds were not siphoned till the new asset is bought.

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2017 Thank you very much sir

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