Capital gain account scheme

This query is : Resolved

udit (Querist)
Follow

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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

udit

udit (Querist)
Follow

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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Kamaljeet Kaur

Navneet Pratap Singh

RATI MALU

jayaraman

Subscribe Now

Capital gain account scheme

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA