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Capital gains

This query is : Resolved 
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(Querist)
31 December 2011 SIR,
I HAVE EXTINGHUSH MY REIGHTS FROM ONE OF THE RENTED OFFICE FOR VANCY OF OFFICE. THE RENT PAID IS NOT SHOWN IN INCOME TAX RETURN.NOW FOR EXTINGUISHMENT OF RIGHT I HAVE RECEIVED CERTAIN SUM IS THIS SUM IS TAXABLE AS CAPITAL GAIN.NOW IF I INVESTED THE CERTAIN AMOUNT IN PURCHASE OF ANY OTHER OFFICE THE WHETHER EXEMPTION UNDER CAPITAL GAIN WILL AVAILABLE OR NOT? IF YES IN WHICH SECTION.

THANKS

SWAPNEEL
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
31 December 2011 It is immaterial whether the rent expenditure has been shown or claimed by you in Income Tax in a case where your "HHE" or Drawings are shown at a sufficient
level so as to cover the Rent paid also.
.
U/s 55(2) Receipts against Tenancy Right is taxable as Capital Gains.
.
No exemption is allowable unless the right is a Long Term Capital Asset.
.
Where the LTCG is invested for Purchase of office exemption is not available.
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Yogesh Agarwal

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Yogesh Agarwal (Expert)
31 December 2011 Yes you have to pay tax under the head capital gain... No exemption is available to you...
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