Capital gain issue

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Meet Thakkar (Querist)
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02 January 2015 MY RELATIVE HAS PAID 1CR TOWARDS A PROPERTY PURCHASE IN 2011 TOTAL PURCHASE VALVE IS 4.5CR WHICH IS TO BE PAID LATER . HE HAS RECEIVED A LETTER OF ALLOTMENT FOR THE PROPERTY...NOW IN 2013-14 HE HAS SOLD A FLAT AMOUNTING TO 2.5 CR AND WANTS TO KNOW WHETHER IF HE CAN PAY THE BALANCE OF 4.5CR -1 CR = 3.5CR FROM THIS SALE PROCEEDS OF 2.5 CR FLAT AND CLAIM EXEMPTION U/S 54/54F...PLEASE HELP AND COMMENT ..ALSO TRY TO SITE SOME CASE LAWS OR CIRCULARS IF POSSIBLE

Amol S Joglekar

Amol S Joglekar (Expert)
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02 January 2015 one year before or 2 years after.....is the time limit for BOUGHT out properties.

He can very well pay the amount and claim the exemption.

Be careful of " one year before OR 2 years after"

Meet Thakkar

Meet Thakkar (Querist)
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05 January 2015 IF HE PAYS TO THE BUILDER FROM 2.5 CR OF SALE PROCEED WITHIN 2YEAR BUT THE BUILDING IS NOT MADE IN THIS 2 YEARS THEN TO HE CAN CLAIM THE EXEMPTION OR NO??

Amol S Joglekar

Amol S Joglekar (Expert)
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06 January 2015 No.
The building should get completed within that period of 2 years after......

That is why one has to be very careful in selecting the builder

Meet Thakkar

Meet Thakkar (Querist)
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06 January 2015 Thank you for your reply ...

Amol S Joglekar

Amol S Joglekar (Expert)
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06 January 2015 you are most welcome.
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