Income tax on capital gain
This query is : Resolved
17 July 2012
Hi, Myself Ankur Garg, My query is that if Mr. A has a capital gain income in the FY 10-11 from selling a residential property but unknowingly he could not put that money in capital gain deposit scheme in the nationalize bank but he is constructing a new residential property so can he claim the exemption under section 54, if yes than how..?
CA.Sourabh Sethia
(Expert)
17 July 2012
some issues are involved
only the utilized portion will be exempted balance if not deposited will be taxable
for eg:-
if CG is Rs.200000/-
and before filing the return Rs.100000/- is utilized but the balance of Rs.1 lac were not deposited before the due date (30th sept)
then Rs.1 lac will be taxable
only the utilized portion will be exempted balance if not deposited will be taxable
for eg:-
if CG is Rs.200000/-
and before filing the return Rs.100000/- is utilized but the balance of Rs.1 lac were not deposited before the due date (30th sept)
then Rs.1 lac will be taxable
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
