Sale Of Residential House Property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2010 One of my client has sold his residential house,he has deposited the capital gain amount in capital account scheme (NHAI),but he has bought one residential house after 6 month and 15 days (after sale of his old house property) is there any capital gain comes for defaulting depositing the capital gain money in scheme within 6 month of sale of house property.

KRISHNA KUMAR R C

KRISHNA KUMAR R C (Expert)
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12 February 2010 FOR GETTING DEDCUTION U/S 54EC HE HAS TO DEPOSIT THE AMOUNT WITHIN 6 MONTHS FROM THE DATE OF SALE OF THE PROPERTY. IF HE WANTS TO CLAIM DECUCTION U/S 54, THEN HE HAS TO PUCHASE THE NEW PROPERTY WITHIN 1 YEAR FROM THE DATE OF SALE OF THE PROPERTY.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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12 February 2010 if he has used money to purchase house then don't worry about depositing money in capital account scheme.
You are eligible u/s 54EC. You can withdraw amount from amount and if full exemption is got by you as per section then no tax on withdraw amount. as you have already got exemption from capital gain.

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