Capital gains and exemption u/s 54f

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2013 Sir,Facts are as follows;

1) I sold a piece of urban vacant land in april 2011 for Rs 21,60000/- whose indexed cost of acquisition in 2011-12 is Rs.6,08,000/-.
2)I booked a res. flat under construction for Rs 19,20000/- and agreement for sale was executed on 9/9/2011
3)I paid Rs. 15,70,000/- to the builder till the due date of furnishing returns ie 31/07/2012
4)but unfortunately could not open a capital gains account and deposit the remaining consideration amount of Rs 5,90,000/-.
My questions are;
1)Can I claim exemption for the amount already paid to the builder till 31/07/2012 and pay the capital gains on the balance money.
2) how to calculate the capital gains in the above case.
3)what proof of payments to the builder before 31/07/2012 is required to be furnished for claiming exemption.Agreement for Sale or money receipt of the builder or both?

Kindly reply soon
THANKS

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

04 February 2013 -Due date may be considered as 31.08.2012.
.
-Agreement as well as the Receipts will be sufficient as proof.

1. Capital Gain = 21,60,000-6,08,000 = 15,52,000
2. Exempt U/s 54F
15,52,000 x 1570000/2160000= 1128074
3. Taxable LTCG= 423926.
.

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