Capital gain account query

for ur query go through section 54 of incoemtax 1961 

Thanks Amit,

I have started reading this but this is too long and probably much technical to go through.

Could you pls help me with aboove queries

Thanks

 

go with u tube 

type toturials for capital gain by badlani sir 

or type section 54 of income tax there 

understand it and compair it with ur query 

sure u will  get ur answer 

Thanks Amit..

May be I coulld not fully understand the purpose of this group where we cannot ask our queries directly to experts. There is another forum LawyersClubOfIndia where the lawyer gives you free advice to most extent. Above query is more related to CA therefore I posted here.

Normally a users who can search this group and post his query, normally knows how to search on Internet. Please do not take it otherwise, may be as I have siad, that may be I could not fully understand the purpoase of this group and may be consultatons are paid.

However, after googling, I could find a case which helpoed me with most of my queries. I am posting the link below for some who is also looking for similar answer.

https://www.ahujaandahuja.in/payment-to-builder-for-under-construction-property-covered-for-exemption-us-54/

But anyways Thanks for your advice

 

MY DEAR FRIEND IN THIS WORLD EVERY THING IS 

AVAIBLE BUT PEOPLE DONT PUT EFFORTS AND GO 

TO CONSULANTS AND PAID UNNESSESSARY MONEY 

M NOT BLAME ANY ONE BUT U SHOULD ALSO

AWAIRE OF THIS SINCE U R CONCERN WITH THIS

AND ANY ONE CANT MISGUIDE U FOR THIS 

AND TAKE MONEY 

ANYWAY THANKS 

Thanks Amit,

For Last 3-4 days I was searching over net, read various articles but could not find specific answers to my queries..therefore posted here hoping that CAs would constantly get such queries and could posible had spent quality time over it so it I can get much specific answers here..but anways now most of the queries got answered by that article ..

Thanks...

u can gain exemption if u invest the same in a house property within 2 years

Hi Ashwin,

Yes I am planning to invest in contruction property where the law says that I can invest within 3 years from the date of selling the old property. Also I have read that only "long term capital gain" needs to be invested not full amount that (for which prop was sold). Also gain amount to be invested within 3 years which seems feasible within first two demands by builder. Even if I do not have possession in three years it will not make any difference.

Thanks 

mr. Gaurav, could you please tell me the date of purchase or construction of the property that was sold and it's date of sale?
however I will give you brief in respect of 54 deduction.
since the property sold was co-owned, the co-owners will be liable to pay tax on capital gains. in order to claim deduction under section 54, the co-owners required to purchase residential property 1 year before or within 2 years / construct within 3 years from the date of sale. if you couldn't utilise the capital gain in the aforesaid transaction on or before filing the return or the same needs to be deposited in capital gain account scheme within 2 or 3 years in case of purchase or construction respectively

mr. Gaurav, could you please tell me the date of purchase or construction of the property that was sold and it's date of sale?
however I will give you brief in respect of 54 deduction.
since the property sold was co-owned, the co-owners will be liable to pay tax on capital gains. in order to claim deduction under section 54, the co-owners required to purchase residential property 1 year before or within 2 years / construct within 3 years from the date of sale. if you couldn't utilise the capital gain in the aforesaid transaction on or before filing the return or the same needs to be deposited in capital gain account scheme within 2 or 3 years in case of purchase or construction respectively

mr. Gaurav, could you please tell me the date of purchase or construction of the property that was sold and it's date of sale?
however I will give you brief in respect of 54 deduction.
since the property sold was co-owned, the co-owners will be liable to pay tax on capital gains. in order to claim deduction under section 54, the co-owners required to purchase residential property 1 year before or within 2 years / construct within 3 years from the date of sale. if you couldn't utilise the capital gain in the aforesaid transaction on or before filing the return or the same needs to be deposited in capital gain account scheme within 2 or 3 years in case of purchase or construction respectively

in the above link web, very imp, it tribunal NDelhi case quoted for u/const prop thr. builder PL which is fully favourable to assess PL refer that also

Thanks Rama,

Yes, these are answers I am looking for, Actually I purchased property(co-owner with my wife) in Nov 2010 and Sold in Dec 2016 and deposited amount in capital gain account (single owner myself) same day only.

It will be one year next month from date of sell of property. Now I have booked another property (Nov 2017) in prelaunch offer (builder flat) to be contructed in 3 years, I hope within 2 years (or within 1 year only) I would be able to pay off my capital gain. Should I book this property as co-owner or as single owner.? I already possess a residentail house in my name (co-owner with my father) does it make any difference?

Also I have not declared anything realted to this, in this year while filing return, thinking I would need to do it after 3 years

Thanks in Advance...