Section 54f

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This query is : Resolved

shailesh (Querist)

19 December 2012 ASSESSEE HAS SOLD THE FOLLOWING ASSETS:
IN F.Y 2010-11 GOLD RS400000/-
IN F.Y. 2011-12 PLOT RS.700000/-
LONG TERM CAPITAL GAIN ON SALE OF GOLD IS RS.200000/-
LONG TERM CAPITAL GAIN ON SALE OF PLOT RS.400000/-
AMOUNT PAID FOR PURCHASE OF SINGLE FLAT TO DEVELOPER OF SOCIETY:
IN F.Y.2010-11 RS.500000/-
IN F.Y. 2011-12 RS. 700000/-
HOW WOULD AN ASSESSEE CLAIM EXEMPTION FOR A.Y.2011-12 & 2012-13 UNDER CAPITAL GAIN HEAD

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

19 December 2012 In both the AYs, in the Schedule CG of Capital Gains
under the subhead B Long Term capital Gains
the assessee may fill up the required details in Item No 3. Deduction U/s 54F can be claimed in Item No 3(d).
.

Pankaj Gupta

Pankaj Gupta (Expert)

19 December 2012 Under section 54F the entire sale consideration should be invested in purchase of 1 house property within one yr before or 2 yr after the date of such transfer.
In FY 10-11, as you have invested the entire sale consideration for payment of installment, hence capital gain of 200000 will be exempt in that year ie 10-11. Same will apply in fy 11-12 and hence capital gain of 400000 will be exempt in fy 11-12.

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