CAPITAL GAIN ,SECTION 54 F
This query is : Resolved
S.L SINGHAL
(Querist)
19 June 2011
MY LONG TERM CAPITAL GAIN UNDER SECTION 54 F ( SALE OF SHARES WITHOUUT STT PAID )FOR THE F.Y.2010-11 RS.1.85 CRORE & F.Y.2011-12 ESTIMATED 2.45 CRORE. WHAT CAN I DO TO SAVE CAPITAL GAIN TAX .2.CAN I PURCHASE ONE RESIDENTIAL HOUSE & USE OF BOTH F.Y.AMT.IN ONE HOUSE WITHOUT ANY CAPITAL GAIN TAX.
GIVE THE FULL DETAIS FOR THE F.Y.2010-11 & 2011-12. HOW CAN I SAVE CAPITAL GAIN TAX
GIVE THE FULL DETAIS FOR THE F.Y.2010-11 & 2011-12. HOW CAN I SAVE CAPITAL GAIN TAX
Ashok Asthana
(Expert)
20 June 2011
Whether CG is of short term or long term?
CA Rajendra Purohit
(Expert)
20 June 2011
Your query needs some more details. Whether it is short term gain or long term gain. From where you are going to earn this capital gain, is it from sale of land or shares or residential property?
17 May 2012
You can avail the exemption by investing in one residential house.
However,for claiming exemption in FY10-11, you have to deposit Rs. 1.85 crore before the due date in a Capital Gain Account Scheme. Then make payment for the house from this account.
For claiming exemption in FY 11-12 you have to invest the money in a residential house before the due date. If you are unable to invets the money, then you have to deposit the same in the Capital Gain Account.
However,for claiming exemption in FY10-11, you have to deposit Rs. 1.85 crore before the due date in a Capital Gain Account Scheme. Then make payment for the house from this account.
For claiming exemption in FY 11-12 you have to invest the money in a residential house before the due date. If you are unable to invets the money, then you have to deposit the same in the Capital Gain Account.
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