Dear All Members,
Please suggest me what to do-
One Assessee purchased one plot in Nov 2011of Rs.20.10 Lac & Sold in Feb- 2016 Rs. 49 Lacs. Now He has capital gain. He purchased agriculture land Rs8 lac in Feb 16. And also purchase residentail plot Rs 29Lac in May 2016 but this registry is pending. He paid advance 15 lac and balance will be in 2016 year end.
So tell me what to do to- Open Capital Gain Account or pay tax.
To get exemption u/s. 54F, he is supposed to construct a house property within next 3 years, over the plot he purchased in May 2016. So, definitely he will have to deposit the remaining proceeds to CGA; otherwise he may have to pay tax over whole CG.
Best if he can park the money in CG ac
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
