PLEASE SUGGEST ME, ONE OF MY CLIENT PURCHASED A SITE IN FINANCIAL YEAR 2016-17 AND HE SOLD THE SITE IN THE FINANCIAL YEAR 2021-2022. HE RECEIVED ENTIRE AMOUNT MARCH 2022. BUT HE PURCHASED RESIDENTIAL HOUSE PROPERTY IN THE YEAR OF 2022-23. BUT THE ENTIRE AMOUNT DEPOSITED IN HIS S/B ACCOUNT AND HE DID NOT DEPOSITED ANY CAPITAL GAIN SCHEME UNTILL HE GOING TO PURCHASE ANOTHER RESIDENTIAL HOUSE PROPERTY U/S 54F. NOW CAN WE CLAIM EXEMPTION U/S 54F BECAUSE HE PURCHASED THE HOUSE PROPERTY IN THE YEAR OF 2022-23. OR HE HAS TO PAY CAPITAL GAIN AMOUNT WHEN HE RECEIVED THE INCOME OF SOLD PROPERTY.
PLEASE SUGGEST ME BECAUSE WE NEED TO BE FILED HIS IT RETURNS WITHIN DUE DATE.
NOW WE YET TO FILE HIS INCOME TAX RETURNS HE PURCHASED IN THE PROPERTY DATED ON 07-07-2022 SO WE CAN CLAIM THE EXEMPTIONS BECAUSE NOW WE ARE GOING TO FILE THE IT RETURNS. FOR YOUR INFORMATION DEAR SIR, HE PURCHASED RESIDENTIAL HOUSE PROPERTY WORTH OF RS. 3000000/- HE TOOK THE LOAN FROM THE BANK AND HE INVESTED ENTIRE SALE AMOUNT OF 1225000/- ON THE PROPERTY. SO HE COULD CLAIM THE ENTIRE SALE AMOUNT OF SOLD PROPERTY.
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