banner_ad

Capital gains

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
13 April 2012 An individual has sold a property in january 2012, which was acquired in June 1996 for Rs. 174500. The sale consideration is Rs. 1100000 as is considered for s. 50C. the assessee has deposited the money in Bank of maharashtra an amount of Rs. 11 lakhs @ 10.1% interest rate. deposit is from 30.03.12 to 30.03.15. the receipt clearly indicating that this for capital gains purposes. Is it sufficient compliance by the assessee of the capital gains tax provisions. After a period of 3 years, would the withdrawal be taxable in the hands of the assessee. Please clarify.
Profile Image

CA Kishore Tallam

Profile Image

CA Kishore Tallam (Expert)
14 April 2012 U have to utilise the amount either for purchase or construction of property else it would be treated as income in the previous year the period specified for utilisation of money expires.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details