Long term capital gain

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godachappa.i angadi (Querist)
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15 December 2011 we sold the open plot on 15-10-2010 to the Airport Authority(acquired compulsorily) by payment of Rs15,96,824.The payment is received on 25-10-2010, but not deposited in Capital Gain Account Either in A or in B Account as per the I.T Act.But deposited 12,00,000/(Twelve Lakhs) in simple Term Deposit.The Plot was purchased on 18-06-1988 by payment of 33600/-
Now amI directly invest in Purchase of House with in 2Years of such sale or Construct the House with in 3Years to get exemption u/s 54F of I T Act.Still I have not filed my return of income for the Asstt.year 2011-12 because I donot have any other income, but owned only one Residential house to live.Kindly elaborate the exemptions under sect.54F

Guest

Guest (Expert)

16 December 2011 16th December, 2011

The exemptions under Section 54 have been explained by Adv. Amit Bajaj in the following link :

https://blog.amitbajajadvocate.com/2011/05/exemption-from-long-term-capital-gain.html

In the December Journal of the ICAI, there is a case law CIT V/s Kinetic Capital Finance Ltd. (Sep. 2, 2011 - Delhi) which clearly speaks of exemption for investment of the proceeds in either National Housing Bonds or in Rural Electrification Corporation Limited till the house is purchased or constructed within 3 years.

FCA Prashant Chavan

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