18 July 2011
Case-1 -------- If you are asking about investment in a Residential house in 2 consecutive years, it can be done. Example-1 ( Last Date of Return 31st July)
Capital Gain arises on 03-08-2011 ---------------------------------- Investment can be made in FY 2011-12 and in FY 2012-13 up to 31.07.2012.
Case-2 ------ Capital Gains arising in 2 consecutive years and investment in a single house --------------------------------------- Capital Gain arises on 03-08-2011 ---------------------------------- Investment can be made in FY 2011-12 say on 28-02-2012. Sales Consideration is 25.00 lacs of the original asset. This House , being the only house , purchased for Rs 50.00 lacs. 54F Allowed.
Now in the FY 2012-13 LT Capital Gain arises on 04-08-2012 on selling of a capital asset for Rs 34.00lac. You can claim deduction in respect of the house purchased on 28-02-2012 to the extent of Rs 25.00 lacs.
18 July 2011
2009-2010 - sold shop for 85 lacs and capital gain was 63 lacs. invested in Capital gain account 63 lacs and in HDIL - 22lacs and this was reversed in 2011 feb coz of sum issue.
2010-2011 Land sold for 75 lacs and capital gain 74 lacs. this amount also invested in the residential house property. Amount invested for theresidential house property is 1.50crore
so can i take exmption of capital gain under sec 54F for both the sale of property i.e shop sold in 2009-10 and land sold in 2010-2011
Dates are very much important. If you have not invested within 6 months or deposited is separate capital gains account then your case will be different.
Kindly provide the actual dates of transaction with amount and similarly the dated f investment with amount.
Is is the same house in which you have invested 1.50lacs?
19 July 2011
1. Any investment made under section 54EC is a new asset.
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2. On withdrawal before 3 years from the date of the transfer (or taking loan against the new asset), the exemption availed U/s 54EC will be withdrawn and it will be deemed as income by way of LTCG of the year of withdrawal.
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3. The nature of capital gain is LTCG- and in my view exemption U/s Section 54F can be availed by investing the whole amount withdrawn against the bonds.
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4. When the Capital Gain is deemed as Long Term Capital Gain then it can be concluded that the asset transferred is also deemed as long term capital asset.
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5. S. 54F can exempt any LT capital gain except the capital gain arising on residential house and on the basis of above discussion I am of the view that you can get exemption U/s 54F.
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