Section 54ec and 54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2013
have a query regarding section 54ec and 54f under the head capital gains in income tax act. assessee had sold his land at 7742616/- and derived a capital gain of 6741397/- and sold his office building at 309000/- and derived a capital loss of 248055/-. hence net long term capital gain of Rs. 6493342/-. assessee has reinvested in flat amounted Rs.1080073/-. and claimed exemption of Rs.940405/- u/s 54f as (1080073*6741397)/7742616 but dept had accepting the claim of Rs 871040/- as (1080073*6493342)/8051616 applying net consideration system. kindly suggest me case laws regarding this matter in favour of assessee.
20 December 2013
department may very well be right in this case!! you are netting the gains but not accumulating the consideration!!
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