Exemption u/s 54 f
This query is : Resolved
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
(Expert)
15 July 2012
It is a risky affair. Do not go in uncertainties.
.
The Govt Clearances are not as time bound as the provisions of Section 54F are.
.
Here, delay costs 20% Tax+ Interest for a delay of a single day.
.
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.
.
.
The Govt Clearances are not as time bound as the provisions of Section 54F are.
.
Here, delay costs 20% Tax+ Interest for a delay of a single day.
.
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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