Long term capital gain tax

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Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2015 I want to invest the entire long term capital gain money (arising from the sell of a property) in a residential property. How to prove that I have invested in a residential property U/s 54? I will pay the entire amount by cheque. However, the property will be registered at the circle rate and not at the market rate.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 March 2015 the proof shall be the allotment letter from making investment in same.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2015 The purchase price of the property will not be specified in the property papers such as allotment letter or conveyance deed. Do I need to show any amount specific paper?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 March 2015 there must be an agreement between u as buyer and seller -builder, so amount must have been mentioned in it.

while filling itr u do not need to attach or show any document just preserve all the documents with you and when assessing officer demands u must produce the same.

but u must fill up the capital gain schedule in itr.

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