Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2013 An individual has sold a plot of land in april 2013
it was purchased in the year 1980

i want to know what should be done to avail the deduction from LTCG by investing the sales proceeeds as the CG Bonds were not purchased within september 2013 (6months)

and
the assessee has already 2 house property in his name

kindly give the best possible solution to avail deduction u/s 54

waiting for quick reply

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

02 December 2013 Section 54 is available only in respect of the transfer of a residential house.
.
In your case Section 54F was supposed to be
providing you the benefit. But the scheme of Section 54F is also not applicable.
.
So, in my view, there were two alternatives only and both are not beneficial to the assessee, so he may be advised to pay LTCG tax to avoid Interest U/s 234C.

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2013 Thanks a lot sir

Upgrade to CAclubindia Pro. Subscribe Now!