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)

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)

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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