Long term capital gain
This query is : Resolved
CS Mitesh Mehta
(Querist)
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 ????
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
(Expert)
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
(Querist)
17 July 2012
Respected sir,
One more query.
What is stipulated time for new investment ??
Thanking you in anticipation.
One more query.
What is stipulated time for new investment ??
Thanking you in anticipation.
Suresh Mittal
(Expert)
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.
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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