Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2013 sale of land taken place on 21/03/2013, part of sale consideration received in advance in the month of june & july 2012 & remained unutilised till today. Whether the amount received in advance can be utilised for investment in capital gain account scheme before filling of return to save the capital gain arising on the sale of land??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 YES IT CAN BE UTILISED.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2013 sale consideration received on sale of land deposited into a bank account out of which part of the amount withdrawn by self cheque & used for personal expenses and now he is willing to invest the whole of the sales consideration including the part amount already withdrawn by him through self cheque, into capital gain account scheme to save the whole of the capital gain. whether it is permissible?? whether the amount already withdrawn by him through self cheque and utilised for the purpose will make any difference for the purpose of exemption??

Rupesh Jain

Rupesh Jain (Expert)
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26 July 2013 yes he can take capital gain exemption

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2013 No it will not make any difference. As on 31.07.2013, your capital gain account must be credited by the amount equivalent of Sales Consideration. Not exactly the same notes and coins are required. Money is for the purpose of use and in intervening period it can be utilised.

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