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Exemption u/s 54 f

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2012 Q. a person sold commercial Booth of Rs. 4750000 and bought 250 Sq.Yard residential plot ( Not a house ) of Rs. 3900000 from Innovative Infrastructure Pvt Ltd and he has only share certificate from said co because yet government clearance pending . Can he avail the exemption u/s 54 F to save the tax on capital gain?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 July 2012 It is a risky affair. Do not go in uncertainties.
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The Govt Clearances are not as time bound as the provisions of Section 54F are.
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Here, delay costs 20% Tax+ Interest for a delay of a single day.
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It's better to wait for the clearances. Meantime the money may be deposited in Capital Gains Accounts (if you are talking about FY 2011-12 transfer) to keep opened the alternative options.
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