Capital gain: long term

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This query is : Resolved

CA. SUNIL KUMAR PATEL (Querist)

13 January 2012 Date of Sale/Transfer - with - Sale Agreement - (Not Registered deed execute by both party) - 10-2-2010, in Rs. 6005000/- from that date Rs. 5005000/- Recived

and Possation give to Transferee Remaining amount Rs. 1000000/- Received Dated 10.04.2011

Date of transfer deep exucution (by Power of authority ) is - 2-1-2012 without any amount taken because all sale consideration taken before 11.4.2011

and
4 Plot purchase for one unit construction by Assessee Dated 15.12.10 Rs. Rs. 6000000/- and Construction started dated 10.4.2011 by assessee
because remaining amount Rs. 1000000/- received that date

in this situation : why action taken by assessee for capital gain tax saving, please sugges

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

15 January 2012 FIRST OF ALL...
THE AUTHOR HAS TO BEAR THE RISK EMERGING OUT FROM NOT USING ANY PUNCTUATION.

WHEN POSSESSION OF THE PROPERTY IS GIVEN, IT CAN BE SAID THAT TRANSFER TOOK PLACE ON THAT DATE.

PLOT PURCHASED SHOWS THAT THE ASSESSEE HAD MADE INVESTMENT OF RS 6000000 IN THE NEW ASSET.

HERE, THE AMOUNT WAS REQUIRED TO BE KEPT IN CAPITAL GAINS A/C DURING THE PERIOD FROM ITS RECEIPT TO THE PERIOD OF ITS UTILISATION OR FROM 31.7.2010 TO 15.12.2010.
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