Capital gains

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MAKARAND DAMLE (Querist)
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30 July 2015 In the Return of Income submitted for A Y 2013-14 there were Long Term Capital Gains on sale of flat and the proceeds were invested with a builder for allotment of flat. In the Return of Income for A Y 13-14 deduction was claimed u/s 54 as investment in new house and capital gains tax was not paid

The project of the builder has not come up till date and he is going to refund the money back. However as said above deduction u/s 54 was already taken.

Now when filing I T Return for A Y 15-16 should the income be offered for long term capital gains and tax should be paid ?

Amol S Joglekar

Amol S Joglekar (Expert)
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30 July 2015 Since you have claimed the exemption in the AY (Assessment year)2013-14, it is better to revise the same with the due permission of jurisdictional assessing officer and paying the interest on the same.

Showing the same in the AY 2015-16 will NOT qualify the same for long term capital gain. The assessing officer will tax it as regular income.

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