Long term capital gain
This query is : Resolved
18 July 2012
Dear Sir
my client had sold 1 site for Rs.30L on Nov-11 & LTCG is Rs.18L.
he had invested around 15L before Transfer and Rs.20L after transfer to purchase a site. but the site still not registered in his name before filing the return.
he wil construct and finish the house in another 1 year (i.e. March-13).
now my question is, whether we can claim exemption us 54F for Investment in site for Rs.30L even though its not registerd in his name ?
pls clarify this.
my client had sold 1 site for Rs.30L on Nov-11 & LTCG is Rs.18L.
he had invested around 15L before Transfer and Rs.20L after transfer to purchase a site. but the site still not registered in his name before filing the return.
he wil construct and finish the house in another 1 year (i.e. March-13).
now my question is, whether we can claim exemption us 54F for Investment in site for Rs.30L even though its not registerd in his name ?
pls clarify this.
Suresh Mittal
(Expert)
18 July 2012
In my opinion the assessee should get the exemption as the condition in sec-54F is about the investment and for completion of the construction is 3 Years from the date of transfer.
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