Capital gain in sale of plot
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2012
Dear Sir,
I have sold the plot in Oct 2011 and same was purchase in fin.2002-03.
how can i get exemption.
If i am buying a land for residential house in may 2012 . whr i need to show in my ITR-AY-2012-13.
till date i have not deposited the any amount in bank agaist the sale of land.
please clarify the above matter and gudie me for get the tax exemption in capital gain.
I have sold the plot in Oct 2011 and same was purchase in fin.2002-03.
how can i get exemption.
If i am buying a land for residential house in may 2012 . whr i need to show in my ITR-AY-2012-13.
till date i have not deposited the any amount in bank agaist the sale of land.
please clarify the above matter and gudie me for get the tax exemption in capital gain.
29 April 2012
Since yu have sold the plot after kepping it for more than 3 years, It is LTCG.
you need to purchase a residential property within 2 years of its transfer or construct within 3 years.
If yu intend to buy a property in may 12,the balance left after claiming for this purchased property as an exemption,would be taxable and if yu still want that to be exemptd too,yu need to deposit the same amount before furninshing yur return or 31.07.2012 whichever is earlier.
you need to purchase a residential property within 2 years of its transfer or construct within 3 years.
If yu intend to buy a property in may 12,the balance left after claiming for this purchased property as an exemption,would be taxable and if yu still want that to be exemptd too,yu need to deposit the same amount before furninshing yur return or 31.07.2012 whichever is earlier.
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
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- 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
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
