capital gain tax

Tax queries 750 views 3 replies

SENTHIL SELVENDRAN

chartered accountant

202 Points Joined September 2009

Facts:

1.Assessee is an individual, doing the business of real estate and an agent from LIC.

2.He transferred a house property in oct.09 which is earlier assessed as income from house property.

3.Now the realisation from that property is kept with himself so can he go for capital gain account scheme? The transferred property is jointly held between huband and wife.

4.For the A.y 2009-10 he didnt file return to the income tax, he is got another house property in his name and that too transferred in Apr.09.

5. Apart from that two properties, no more properties in his name now he is residing in rental house. Kindly suggest investment options.

Replies (3)

Amir

Learner

4016 Points Joined December 2009

FROM UR QUERY I THINK, ASSESSE HAS TRANSFERRED 2 PROPERTIES ONE IN APRIL & ANOTHER IN OCTOBER...OUT OF WHICH ONE OF THE PROPERTY WAS HELD IN THE JOINT NAME WITH HIS WIFE..

1) U CAN DEPOSIT THE AMOUNT IN CAPITAL GAIN SCHEME BEFORE FURNISHING UR RETURN OF INCOME..

2) EXEMPTIONS IN RESPECT OF BOTH HOUSES CAN BE CLAIMED U/S 54 (BY ACQUIRING A NEW HOUSE) OR U/S 54 EC (BY INVESTING IN BONDS, BUT U/S 54EC INVESTMENT IS TO BE MADE WITHIN SIX MONTHS FROM THE DATE OF TRANSFER)

Shashi Bhushan

Learner Jalandhar

996 Points Joined February 2009

you will be taxed in AY 2010-2011. you have time upto 31st july 2010. options available are 54 and 54 EC. you should follow the above reply ,

CA Jayesh Gokalgandhi

CA in Industry

126 Points Joined April 2009

You may consider bifurcating the sales proceeds between the husband and wife in proportion of their ownership and then invest accordingly..

Since the assessee does not own a house now, he can be adviced to buy a house from the sale proceeds (I am sure u will be better advisor for this rather than us)

BTW I am wondering why non-filing of return for AY 2009-10 is relevent to your question..