Capital gain issue

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This query is : Resolved

Meet Thakkar (Querist)

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)

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)

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)

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)

06 January 2015 Thank you for your reply ...

Amol S Joglekar

Amol S Joglekar (Expert)

06 January 2015 you are most welcome.
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