Capital gains section 54 / 54 f

Dear Sir,

I need some clarifications on capital gains.the details of transactions are as under:

1. I sold one plot of land for Rs 5 lacs on 5/07/2012.I have not put the
amount in Bonds ,since the six months period is already over.Therefore ,now
I want to put the amount for purchase before 31/07/2013 , small flat or
invest in land for building a small house within three years time.

2.Further, I have sold my house on 14/05/2013 and the approximate capital gain is
Rs 40 lacs.I want to invest this capital gain in another new house for
residence in HYD.within the permitted period as per section 54 /54 F of IT
Act.

Can you ,please clarify following points:*

*1. Can I club the sale proceeds of my plot and capital gains of house sale

and purchase /construct a Single house or I Have to purchase /construct

two separate houses against each capital gain.*
*
*
*2. Can I invest the capital gain from one residential House sale ,in two

or more residential houses in different cities or at different locations in

the same city.*

I have gone through section 54 /54 F but they are not very clear about the above queries.

Thanks

pjrao

As per the facts given, the sale has taken place in two different financial years i.e. F.Y.2012-13 & F.Y.2013-14.

In respect of sale in F.y 2012-13 you need to invest teh capital gains in a residential house on or before the due date of filing the return for A.y.2013-14. as the due date is fast approaching and if you are not able to invest the capital gains before 31st july 2013 then you need to deposit the net consideration in the Capital Gains Accounts Seposit Scheme in order to claim the exemption for the A.Y. 2013-14. After that you have a time period of 3 years from the date of sale to keep the money in the deposit scheme and you can withdraw the amt from this account as & when needed.

Regarding the sale in the current F.Y. you have ample of time to invest the sale proceeds i.e. till July 2014.

Yes as said by you canclub the sale proceeds from the land and from the sale of house and invest the same in the new house.

As the sections 54 & 54F speak about investing the capital gains/net consideration in a residential house so you cnat invest them Cg in two different houses.