Ltcg and sectin 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2015 During financial year 2012-13, I had purchased a land for Rs. 15.00 lac and during current financial year (2015-16) I have sold the said land for Rs. 35.00. Further, I have agreed to purchase a residential house during current year and have paid 10.00 lac as advance in cash, but the purchase agreement of the said residential house has not been finalised due to some problem. The said final agreement may be delayed by one year. Under the circumstances, may I get the exemption for LTCG tax for 10.00 lac paid as advance ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 July 2015 Your long term capital gain exemption can be claimed u/s 54F. You have to purchase the property within 2 years from the date of sale so no problem you will get exemption. The balance amount you have to deposit in capital gain ac before the due date of filing the return.

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