Regarding capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2011 dear sir

i have a query that is i sold a property and gain is long term capital gain and i immidiate invested in another property simply paid by a cheque for token money and today four year has been passing i have paid after token money some of installments after tht after but registery has not been made yet it means no property till date transfered to my name so sugguest me period requaired by the said act income tax act,1961 amount invested in 3 years so my query is 3 year period when should be started please as early as possible sugguest me

himanshu gandhi
hgandhi9@gmail.com

Mahesh Paryani

Mahesh Paryani (Expert)
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29 December 2011 Hi

your question is incomplete in all respects.
you have to mention what was the property which you sold.
which property did you buy.

from the limited information you have written. my reply would be
as soon as you sell the property you have to invest the full amount. other wise deposite the amount in bank in a special account.

by looking at your question it seems you have defalted.

REGARDS

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2011 ok let me explain you whole thing

earlier property was a residential house property and new property is also a residential house property

gain arising on sale of long term cap. gain was already inversted in capital gain scheme account no doubt about that

amount first paid as a token money for purchasing the said property to a group builiding housing society and construction is on going till date 28/12/2011 and amount was first invested all most 4 year ago u can take 20/12/2007

now i want to know that what act actually said in this regarding i mean amount should be invested in 3 year as a whole capital gain or amount can be deposited more than the said stipulated period as in my case now i m hopoful you atleast come to a decision to provide me a sufficient help

please Mr. Paryani i need it imidiately

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Mahesh Paryani

Mahesh Paryani (Expert)
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29 December 2011 Dear sir

As per circular number 672 dated 16 Dec 1993 Allotment of a flat or a house by cooperative society of which the assessee is a member is also treated as construction of the house.

Further, in cases the assessee shall be entitled to clame exemption in respect of capital gains even though the construction is not completed withen statutory time limit (Sashi Varma v CIT (1997) 224 ITR 106 (MP))

If the assessee has paid full consideration and obtained the possession of the house withen the specified period he is eligible for exemption even if the sale deed has not been registered in his favour (CIT v Shahzada Begum (1988) 173 ITR 397 (AP))

These are few cases which i think you should know.

regarding your case you have to invest the full amount of capital gain before the stipulated period therefore the amount not so utilised shall be charged as capital gain of the previous year in which the period of 3 years from the date of transfer of the original asset expires.