Capital Gains
This query is : Resolved
12 March 2009
One of my client has had a long term capital gain of Rs 2 lacs during previous year 2008-09.
However, the client has till date made advance payments of Rs 3 lacs towards purchase of his new house.
In such a scenario can the advance payment be considered as investment of the Long term capital gains or does he need to invest Rs 2lacs in the capital gains account scheme to avoid tax.
However, the client has till date made advance payments of Rs 3 lacs towards purchase of his new house.
In such a scenario can the advance payment be considered as investment of the Long term capital gains or does he need to invest Rs 2lacs in the capital gains account scheme to avoid tax.
CA. Aryendra
(Expert)
12 March 2009
Dear Jairam,
It is not clear in your question whwther you have capital gain due to sale of house property or from other resourses
Note:
If you have capital gain due to sale of House property then no need to invest further investment Read Section 54 of Capital Gain,
It is not clear in your question whwther you have capital gain due to sale of house property or from other resourses
Note:
If you have capital gain due to sale of House property then no need to invest further investment Read Section 54 of Capital Gain,
S.M.Indapurkar
(Expert)
13 March 2009
No need to further invest in capital gains account scheme.
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