Income tax on capital gain

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Ankur (Querist)
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27 February 2012 Hi, Myself Ankur Garg and my query is that i had purchased a property in 2001-02 for the amount of Rs. 13 Lacs and i Have sold it out in fy 2011-12 for the amount of Rs. 1 Crore,the process has been finalised on 25 Feb 2012, i want to purchase a new property in this coming FY, so my query is that should we pay tax on the capital gain which we have recd for the FY 2011-12,If we purchase a new property from this capital gain in coming FY, so what will be the tax treatment in the Current FY (2011-12).

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 February 2012 If you purchase the new house before the due date of filing the return,, you can claim exemption u/s 54.

However, if you are unable to invest the amount, then you can deposit the same in the capital gain account scheme with a nationalised bank and claim exemption from Capital Gain.

Mihir Doshi

Mihir Doshi (Expert)
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27 February 2012 Agree with Expert....
Deposit in Capital Gain Scheme Account with Bank and withdraw the amount as per the requirement for buying new property.

Thanks
Mihir Doshi

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