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.
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.
CAclubindia
