Payment of capital gain tax
This query is : Resolved
02 October 2011
If I am having one property holding for more than 3 years which is given to the builder for development in the financial year 2011-12 i.e. in Oct., 2011. The consideration for which has not been received immediately in the year 2011-12. The consideration for the above transfer will be received in two installments i.e. in the month of April, 2012, July, 2012. Can I invest as an individual in bonds stated in 54EC of I T Act, 1961 to get the exemption on receipt of funds or I have to invest within 6 months. Please advise.
02 October 2011
In one of the survey case of our client the capital gain tax would be liable for the year on which year it given to the builder for the development decision by the ITO & Commissioner of income tax. So based on that you would be liable for capital gain tax for the A.Y.2012-13. Based on this you plan for tax or savings.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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