Capital gain-urgent

Save Share

This query is : Resolved

CA Siddhi (Querist)

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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

28 March 2014 only 5 laks will be allowed as out of 40lakhs ,35 lakhs was capital gain so only 5 lakhs are allowed.

CA Siddhi

CA Siddhi (Querist)

28 March 2014 I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

28 March 2014 out of 48 lakhs u have purchased house of 40 lakhs so u can withdraw balance 8 lakhs.

CA Siddhi

CA Siddhi (Querist)

28 March 2014 I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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

CA Siddhi

CA Siddhi (Querist)

28 March 2014 THANK YOU SO MUCH MR TUSHAR SAMPAT

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

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