Payment of capital gain tax

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yogesh vijaykumar shah (Querist)
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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.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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.
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