Capital gains
This query is : Resolved
G.Veerabadran
(Querist)
29 July 2014
Dear friendfs
Mr.X has sold his house on 13/06/2013 and made a long term capital gain of Rs. 32 lakhs. Which he is invested in purchase of flat for which he paid Rs.32.5 lakhs before 31/07/2014 . The flat is still under construction and expected to be completed in December 2014.
1) Whether the assessee since paid the entire capital gain money before 31/07/2014.
The exemption to be claimed this year ( Asst year 2014-15)
or since going to be registered next year ie during 2014-15 . He has to claim the exemption Asst year 2015-16.
Kindly clarify.
g_veera1954@yagoo.com
G.Veerabadran
Mr.X has sold his house on 13/06/2013 and made a long term capital gain of Rs. 32 lakhs. Which he is invested in purchase of flat for which he paid Rs.32.5 lakhs before 31/07/2014 . The flat is still under construction and expected to be completed in December 2014.
1) Whether the assessee since paid the entire capital gain money before 31/07/2014.
The exemption to be claimed this year ( Asst year 2014-15)
or since going to be registered next year ie during 2014-15 . He has to claim the exemption Asst year 2015-16.
Kindly clarify.
g_veera1954@yagoo.com
G.Veerabadran
CA UMESH DULAL
(Expert)
29 July 2014
The capital gain should be utilized for purchase or construction within 2/3 years. In your case as he is eligible for exemption
Nikhil Kaushik
(Expert)
30 July 2014
you need to claim exemption in AY 2014-15 itself.
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