Capital gain tax

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godachappa.i angadi (Querist)
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12 December 2011 We have sold our open Plot to the KIADB (IN kARNATAKA Govt,.)for Aerodrum Establishment by Govt,during Aug.2010 &we have received Rs 16 Lakhs as sales price for that Plot as on 25-10-2010 The same has been deposited in Simple term deposit , but not in Capital Gain Account either A, or B account
We have Purchased this open Plot on 18-06-2008 by payment of RS.33600/-
We have not invested in Capital Gain a/c with in due date for filing return of income for Assessment year 2011-12.Now we have received a letter from Jt.Comm.of I.T to produce your investments with ret filed acks copy with in a week.Whether can we purchase or construct a house property now by spending such amount with in 2/ 3 years u/s 54B of I.T.Act.Please advise us & ultimately how much we to pay the taxes now.

SOURABH KESHARWANI

SOURABH KESHARWANI (Expert)
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13 December 2011 STCG of Rs 15,36400/- will be taxable. No exemption will be given as the CG is not deposited in Capital Gain Account Scheme

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