Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2012 my querry is
The (agricultural land within corporation limits) asset was purchased in 1989
The asset is sold on 12-08-2011 but yet registree is not made
Total Consideration is received and possession was duly given to the purchaser on 12-08-2011.

My querry is
Whether For A.Y. 12-13 there shall be a Capital gain or it will arise only after the registry in the name of purchaser is made. Money is received through bank and kept in my saving account.
If capital gain then how can i save it

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 Transfer takes place when the possession is handed over. Accordingly date of transfer is 12.08.2011 and capital gain shall arise in AY 12-13.

You have not provided the nature of the asset.

If the asset transferred is a residential house property, then exemption can be availed u/s 54 by investing in another residential house property.

If the asset transferred is other than residential house property, then exemption can be availed u/s 54F by investing in a residential house property.

Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)
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05 June 2012 A very HUMBLE request to "ANONYMOUS" : Please do not miss to mention the description of CAPITAL ASSET. I would like to add the reference of sec. 53A of the Transfer of Property Act in the case of immovable properties to what Siddharth said.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 June 2012 1. If the agricultural land was being used by the assessee or his parents for agricultural purposes during the previous two years and the assessee purchases another agricultural land, then he can claim exemption u/s 54B.

2. Alternatively he can claim exemption u/s 54F by investing the sale proceeds in a residential house property.

3. He can also claim exemption u/s 54EC by investing in specified bonds.

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