Long term capital gain

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CS Mitesh Mehta (Querist)
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17 July 2012 Dear experts can u help out in my query of Income tax Return

I sold my old house property on march 2012 & recd long term gain of Rs.
13,00,000/- & Same i Invested in New House in month of April & May 2012

can i show this long term gain in my 2011-2013 return or this can show in next year my return of 2012-2013 ????

can i liable for paid tax for this year ????

Suresh Mittal

Suresh Mittal (Expert)
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17 July 2012 Since you earned LTCG in F.Y. 2011-12, you should show the details in the ITR relevant for F.Y.2011-12(A.Y.2012-13). However, since you have invested the money for purchase of new house within the stipulated time you can claim exemption u/s 54 in this return itself, as the dedution is claimed against the specific income of this year.

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CS Mitesh Mehta

CS Mitesh Mehta (Querist)
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17 July 2012 Respected sir,

One more query.

What is stipulated time for new investment ??

Thanking you in anticipation.

Suresh Mittal

Suresh Mittal (Expert)
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17 July 2012 For Purchase of new house-within one year before or two years after the transfer.
For construction- within three years after the transfer.
But if you have not invested the whole gain before the DUE DATE of filing your return, it shall be deposited in branch of a public sector bank under Capital Gain Account Scheme, 1988, before due date of filing the return.

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