Capital gains

This query is : Resolved

G.Veerabadran (Querist)
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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

CA UMESH DULAL

CA UMESH DULAL (Expert)
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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

Nikhil Kaushik (Expert)
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30 July 2014 you need to claim exemption in AY 2014-15 itself.

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