Capital gain-urgent
This query is : Resolved
28 March 2014
assessee has capital gain of 35 lakhs and deposited 48 lacs i.e. considerartion received on sale of asset by mistake in capital gain account now he has purchased a house of 40 lacs. So can he withdraw excess 8 lacs without paying tax from capital gain account?. the exemption is claimed under section 54 which state investment in property needs to be equal to capital gain and not consideration received. Kindly advice.
URGENT
URGENT
28 March 2014
only 5 laks will be allowed as out of 40lakhs ,35 lakhs was capital gain so only 5 lakhs are allowed.
28 March 2014
I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX
28 March 2014
out of 48 lakhs u have purchased house of 40 lakhs so u can withdraw balance 8 lakhs.
28 March 2014
I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX
28 March 2014
but there is no tax applicable on excess amount if u withdraw as there is no "income " as per sec 2(24)of income tax...its just the capital amount is withdrwan.
Message likes :
1 times
28 March 2014
ur welcome siddhi..........................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Consolidated financials
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- TDS on TRUST
- Regarding Applicability of Tax Audit u/s 44AB
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
