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.
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,
13 March 2009
No need to further invest in capital gains account scheme.
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
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS AND ITR ISSUE
- LIC maturity claim whether taxable
- Same demand raised for original as well as rectification request return
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
