Capital gain exemption u/s 54 for the a y 2013-14

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D.SRINIVASULU REDDY (Querist)
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31 December 2015 I Sold residential House on 6.3.2013 of Rs.1,45,00,000

I Dont have more then one house

I purchased in 2004-05 With Indexation Cost is 38,00,000
Total Gain 1,07,00,000
I Purchase one Residential Flat and I Paid advance 85,00,000 in 25.3.2013
Balance of Rs. 42,50,000 in 12.9.2014

My Flat total Cost is 1,20,00,000

iam not deposit under capital gain scheme. because Net Capital Gain is 1,07,00,000 and Advance paid on 6.3.2013 of rs. 85,00,00,000 Balance is 22,00,000 lacks is not Invested any scheme.directly went registration of Residential Flat on 12.9.2014. Office is saying you should deposit of Rs.22,00,000 even 6 days and take back to purchase. that amount of Rs. 22 lacks comes under Capital Gain.

Please clarify this and 6 days also have to made capital gain account scheme in bank.

Investment is Sale of Residential House and Purchase also Residential House. i dont have any house other then this.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 December 2015 Please check and confirm the date of Registration.
.
Please also provide the date of filing of return.

Amol S Joglekar

Amol S Joglekar (Expert)
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31 December 2015 As per the strict interpretation of the wordings of the income tax act, what income tax department says is right. But the wisom prevails over the practical aspect of your case. You tell them that i have invested on 12/09/2014 and hence as of now, there is no need to go in for capital gain account scheme with any nationalised bank. I should have opened a capital gain account is true. But now that it is 2015 end, it hardly carries any weightage since I have invested in the falt on 12/09/2014.

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