Exemption from ltgs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2013
Dear Sir,
If a person is chargeable for tax on "Long Term Capital Gains," and he pays that money as an advance for purchasing new residential flat within a stipulated time and after one and half year, due to circumstances, he cannot go for registering that flat in his name
and he gets back that money from the builder which was given as an advance. In such a case, that person can again purchase another residential flat to get exemption from tax payable on LTGS?
If a person is chargeable for tax on "Long Term Capital Gains," and he pays that money as an advance for purchasing new residential flat within a stipulated time and after one and half year, due to circumstances, he cannot go for registering that flat in his name
and he gets back that money from the builder which was given as an advance. In such a case, that person can again purchase another residential flat to get exemption from tax payable on LTGS?
CA Pallav Singhania
(Expert)
31 October 2013
Yes, but within the remaining stipulated time allowed to him under the section 54 or 54f,....
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