Capital gain u/sec 50c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2012 sir,
my father had inherited a property from my grand father including a land on which a house was built up & an adjoining vacant land through a registered "WILL", in that the house was given to my father & the vacant land was given to my aunt.
this WILL was executed in the year 2007 & my grand father expired in the year 2009 ,we didn't know about the will,just in 2012 sep we came to know about this and got the vacant land gifted to my father from my aunt without any consideration
now as my father became the sole owner of the land ,we sold it out for the consideration of 1470000 in sep 2012 only,

1)now can u tell me how to claim the exemption in my father's IT RETURN as we gonna invest the amount again for purchasing the new house in kolkata?????????
2)what if we deposit the amount in "CAPITAL GAIN DEPOSIT ACCOUNT" WITH ANY BANK???
3)What if i don't utilize the full amount of CGD account,can i utilize it later on????

hoping for an early reply from all......

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 December 2012 1. Since you have sold a LAND, exemption can be claimed u/s 54F. The amount of exemption shall be computed as under:

Amount Invested * Capital Gain/Net Sale Consideration.

2. You can also avail exemption by depositing the sale proceeds in a Capital Gain Account Scheme. The amount has to be deposited BEFORE the due date of filing the return.

3. The amount has to be utilized within the period of 3 years. The unutilized amount shall be taxable as LTCG.

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