Capital gains

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2014 Can utilization from Capital gain saving a/c be justified if part money is used after the expiry of stipulated period of two years u/s 54.

If:
1. The intention was bonafide
2. The money is put for the right purpose.

Rupesh Jain

Rupesh Jain (Expert)
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21 May 2014 if you are unable to use the capilat gain a/c money with in stipulated time period then you have to pay tax accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2014 Thank you sir for your input.
But will your statement stand true if the intention was bonafide as i have mentioned earlier??

The assesse had been using the money even before the 2yrs time expired and contineud the same thereafter, since it was not yet ready for stay..

seeks your kind advise.

Rupesh Jain

Rupesh Jain (Expert)
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23 May 2014 sir this period for complete your use of money not for work in progress.

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