I have few queries regarding LTCG
I bought a piece of land in 1998 and sold it in 2013 for a gain of ~ 10 Lac Rs. I received the amount through cheque which was deposited in a joint account. I have invested the entire amount in ainstallments for a residential appartment from a different bank account. Are these multiple installment payments valid for exemption under 54B ? I dont have a single transaction of 10 Lacs to be shown as re-investment, also the money spent was from a different account and the money received (from plot sale) was in a different account. Does that make any difference?
The new residential apartment that I purchased was bought before the sale of land but the EMIs continue even now (bought on home loan), does that make any difference?
Additionally I was a housewife when the plot of land was sold, with no other income other than the 10 lacs (indexed) capital gains. Is there anyway to avoid tax under total income?
In case I can not be exempted from tax, what is the penalty I am liable to if the sale was made in January 2013.
Keenly awaiting your responses.
CAclubindia
