Capital gain 54d query
This query is : Resolved
20 August 2013
Hello experts.. I am in need to solve this case study a practical problem.... one of our client has claim exemption under section 54D of the encome tax act compulsary acquisition of their undertaking, they have invested whole of the amount of capital gain arising of compulsary acquisition by goverment... And claim the exemption... Now the locking period for asset(land or building) which have been retaining the exemption iz 3 yearsl. But what happens in 2nd year the same asset in which we have made the investment was again compulsary acquired... And they have arise the demand to pay the capital gains which we have taken exempt in the previous years.. Is that gain iz taxble.. Give ur suggetions experts.. And assesee iz suffering because he has to again invest the amount of gain... Give ur suggetions experts and with notifications , circulars, case laws... Thanks in advance :)
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