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
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
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.
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
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.
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- RATE AND HSN CODE
- TDS AND ITR ISSUE
- GST Rate for Catering Services
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
