Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Capital gain

CA.Anupriya Agarwal (Practising CA) (110 Points)

17 April 2013

I have a Capital Gain of Rs. 42,00,000/- from which I am eligible to Claim Rs. 28,00,000 u/s 54F. The remaining Rs. 14,00,000/- can it be Shown that I have given it to a Builder as advance for Re-modelling & Reconstruction and add it to the Cost of the House Property Purchased u/s 54F?

I am not getting any other option other than investing in 54EC or pay tax on 14Lakhs?

Reply
Follow
Share

2 Replies

CA Hardik Vyas (Practicing Chartered Accountant) (130 Points)
Replied 18 April 2013

To Avoid Tax for now,

You may deposit Rs. 1400000 in a Separate Bank Account with Nationalized Bank before filing of Inocme Tax Return.

Imran Hingora (Learner) (248 Points)
Replied 19 April 2013

Originally posted by : CA.Anupriya Agarwal
	I have a Capital Gain of Rs. 42,00,000/- from which I am eligible to Claim Rs. 28,00,000 u/s 54F. The remaining Rs. 14,00,000/- can it be Shown that I have given it to a Builder as advance for Re-modelling & Reconstruction and add it to the Cost of the House Property Purchased u/s 54F? I am not getting any other option other than investing in 54EC or pay tax on 14Lakhs?