capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2010 A person is selling house property in this financial year the receipt of consideration is deferred to subsequent years in instalments. He will not have the funds to invest in capital gains account scheme within the time stipulated. Can he buy a new property u/s 54 within 2 years from the date of transfer and claim exemption without investing money in Capital Gains Deposit Scheme? there seems to be a case law favouring this point

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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12 February 2010 Please Go through section 54H which says that "If any capital gain occurs because of compulsory acquisiton by Law, then only, Time limit will be consider for Investment purpose from that date on which consideration received first time."

It means above facility is not available in all other cases.

Regards!!!
Dinesh S. Adhikari

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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12 February 2010 agree

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