Exemptio from ltcg

This query is : Resolved

Rakesh (Querist)
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29 June 2016 Dear Sir,

Require advise on the following.

Had purchased a land piece in 2011.
Sold the same in July 2015.
The net sale value was 10Lakhs and the LTCG (after considering indexation) is 5L.

Please advise for:
1. Do I have to invest 5L or 10L for purchase of residential property for avoiding payment of LTCG tax
2. Since I have to open a Capital Gain account before 31/07/2016, do I have to put in the entire sale amount (10L) or only the Capital gain amount (5L) into the account.
2. If I purchase a under construction property, does the registration need to be carried out within 2yrs (July 2017) or the possession has to be completed.
3. In case the property purchased is say 20Lakhs and by July 2017 I pay 5L/ 10L to buider but construction is still not over, will that serve the purpose.
4. In case I decide not to invest further, I can pay the tax on capital gain amount by July 2017 or earlier. And will I be liable to pay some penalty on the tax amount.

Your response will be really appreciated.

Thanks

RT

Rupesh Jain

Rupesh Jain (Expert)
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29 June 2016 you can take u/.s 54F for investing in the residential property, for net proceeds with three year for construction of house, and two year for purchases from date of tfr. if you not use this capital gain a/c amount with in three year from date of tfr then this amount will consider the income of the that in which three year will complete and pay the tax accordingly. no penalty will pay by you.

My answer is usefull for you, pls send like.

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