Capital gain account scheme
This query is : Resolved
02 April 2012
An assessee claimed exemption u/s 54F and deposited the net consideration in the capital gain accounts scheme. But due to some reasons the amount could not be utilized in the prescribed period. The amount exempted earlier will be taxable as LTCG at 20%.
Is there any way to reduce the tax liability of the assessee.
Is there any way to reduce the tax liability of the assessee.
02 April 2012
There is no way to reduce the tax liability. If the assesse has any loss under the head Capital Gain or any brought forward long term capital loss, he can set off the same against this gain.
Otherwise there is no option and the assessee will have to pay tax on such gain.
Otherwise there is no option and the assessee will have to pay tax on such gain.
02 April 2012
Can there be any contract structuring or can he assessee invest the amount in any other scheme and get rebate from tax liability
02 April 2012
The exemption is available only if the amount is invested in a residential house property.
He CANNOT invest in any other scheme.
He CANNOT invest in any other scheme.
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