Sowmya.S.Balan (Paid Assistant) (749 Points)
08 March 2010Dear friends,
A property (land) was sold during the financial year 2006-07 & Sales consideration invested in capital gain account scheme. In the financial year 2008-09 a house property was purchased but the amount invested in capital gain account scheme is not fully utilised for the purchase & balance amount still remaining in the capital account scheme and it will mature on March 2010. what is the tax impact in the financial year 2008-09 & 2009-10
Bala
(Student)
(498 Points)
Replied 08 March 2010
Friend, you will get exemption u/s 54F in the following manner.
(LTCG * Amt invested in Hosue property)/Net Consideration...
the unutilised amt will become LTCG for the year in which the time limit expires.. here it is FY 2009-10.
There would be no taxation impact in the FY 2008-09..
CAclubindia
