Capital gains and exemption u/s 54f

This query is : Resolved

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)
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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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