Investment u/s 54F

Dear all,

can any one help me in the following situation;

Mr A had invested the LTCG in Capital gains current account and claimed exemption in the AY 09-10 and now this AY 10-11 also he has LTCG and he wants to invest the both gains (i.e amount available in the capital gains account and current yer gain ) in a single house property u/s 54F.

He is having one residential house.

whether the amount in CG account and Current year gains in a single house property?

thanks in advance

 

 

Replies (3)

 

Hi.... I think the exemption from both years will be available only when u r purchasing new house property of more value then the amount deposited in scheme.... Simplest reason being, in AY 09-10, the person got exemption for the amount he invested in scheme, so there seems no new reason for asking exemption in AY 10-11 (except the possibeility of PURCHASING AMOUNT OF NEW HOUSE > AMOUNT INVESTED IN SCHEME).... So, in AY 10-11 the amount for which exemption can be asked can be (PURCHASE PRICE - AMOUNT ALREADY DEPOSITED IN SCHEME).....
 
 
 
But this all is from my view, my understanding towards the topic, i suggest u to post this query under EXPERTS section.., coz thats really intelligent one.... If u get correct answer, do forward me too....

agree with above

u have already claim exemption for A Y 09 10 by investing an amount in capital gain scheme.u must actually utilise the same within 3 years from the date of transfer in order to retain that exemption. for A Y 10 11 , u can purchase house property by investing current & previous year gain but u can claim exemption only for current year amount of gain invested. i think , u should allow u r client to purchase property by utilising both gains

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