Foregoing of LTCG exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2010
Dear Experts,
I had claimed exemption under under 54F since I sold my plot and purchased a residential house. I could not retain my purchased house for 3 years and sold it within 2 years thereby violating one of the conditions of sec under which I claimed exemption. Since now I have to forego my earlier exemption claimed how do I deposit tax. Can I pay in march 2011 or do I have to pay as advance tax in Sept 10, Dec 10 and Mar 11. I understand that i will have to pay besides LTCG exemption STCG also for new sale. Please advise.
I had claimed exemption under under 54F since I sold my plot and purchased a residential house. I could not retain my purchased house for 3 years and sold it within 2 years thereby violating one of the conditions of sec under which I claimed exemption. Since now I have to forego my earlier exemption claimed how do I deposit tax. Can I pay in march 2011 or do I have to pay as advance tax in Sept 10, Dec 10 and Mar 11. I understand that i will have to pay besides LTCG exemption STCG also for new sale. Please advise.
13 September 2010
u become liable to pay tax on the ltcg (exempted amount)at time of sale of the new house.pay advance tax in Sept 2010 on the accrued gain .
VINOD ARORA
(Expert)
14 September 2010
Now you will have to pay tax as income from STCG which shall be computed as under:
STCG=Sale Consideration- (cost of aquisition- LTCG exemption availaed last)
Accordingly, you have to adhere norms for advance payment of tax.
STCG=Sale Consideration- (cost of aquisition- LTCG exemption availaed last)
Accordingly, you have to adhere norms for advance payment of tax.
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