Sec 54 capital gain

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sumit kansal (Querist)

24 August 2012 i sold one residential house and have LTCG of rs 10 lac in febuary 2012 , on 31 march 2012 i was not able to invest in either in capital gain bank account nor i purchased any house. in august i purchased rs 12 lac residential house which is with in limit of one year of sec 54 of capital gains.

my question is if i file return of ay 2011-12., what would be the treatments of capital gain of rs 10 lac, should i deposit tax of rs 2 lac and i will not get rebate of sec 54 ?

CA Salman Mansoori

CA Salman Mansoori (Expert)

25 August 2012 It think you want to say for AY 12-13.

sumit kansal

sumit kansal (Querist)

25 August 2012 yess ay 12-13

Praveen Kumar Rathi

Praveen Kumar Rathi (Expert)

25 August 2012 CGAS is a special account with banks or specified institutions to be used when the amount of capital gain is not utilised for the purchase or construction of the new asset before the due date of furnishing return of income.

You should have to paid tax Rs. 200000/-

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