Capital gain account scheme

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Mahesh Reddy K

Bangalore

26 Points Posted on 02 February 2013

An assessee got a LTCG of Rs.20 lakhs in SEPTEMBER 2011 (Date of Transfer).

He invested the same amount in FIXED DEPOSIT in OCTOBER 2011.

He Purchased another residential property in AUGUST 2012 by utilising the same amount

My doubt is whether the assessee can claim deduction u/s 54 for the AY 2012-13?

He did not invest that amount in CGAS.Is there any specified time within which the amount should be invested in CGAS?

Replies (3)

CA Rashmi Gandhi

Chartered Accountant

44442 Points Posted on 02 February 2013

YES THE ASSESSE CAN CLAIM THE DEDUCTION FOR HOUSE PROPERTY IN A.Y. 2012-13 AS DEDUCTION U/S 54 ALLOWED FOR PURCHASE OF RESIDENTIAL PROPERTY WITHIN 2 YEARS .

D.SATYANARAYANA

PROPRIETOR

26 Points Posted on 02 February 2013

The assessee can claim deduction u/s.54 by purchase of residential house within two years, subject to the condition that he should invest the amount in CGAS within the due date of filing the return or at the time of filing the return, whichever is earlier for the AY 2012-13, since he had purchased the house in August 2012. But, if the due date is Sept. 2012 than he is eligible to claim exemption u/s.54

CA Bhargav Nathwani

CA in Practice

3255 Points Posted on 02 February 2013

Originally posted by : rashmi gandhi
	YES THE ASSESSE CAN CLAIM THE DEDUCTION FOR HOUSE PROPERTY IN A.Y. 2012-13 AS DEDUCTION U/S 54 ALLOWED FOR PURCHASE OF RESIDENTIAL PROPERTY WITHIN 2 YEARS .