18 January 2013
1)I WANT TO ASK IF A RESIDENTIAL HOUSE PROPERTY IS SOLD ON 31/12/12 AND REINVESTED THE AMOUNT IN OFFICE PROPERTY WITHIN 1 MONTH. WHETHER EXEMPTION IS AVAILABLE AND IF SO HOW? (WITH REFERENCE TO SECTION)
2) AN ASSESSEE SOLD RESIDENTIAL HOUSE PROPERTY ON 31/07/11 AND DIDNT INVEST ANYWHRE AND DIDNT FILED HIS RETURN TILL DATE. WHAT ARE THE TAX CONSEQUENCES ON SUCH ASSESSEE IF HE IS READY TO INVEST IN JAN'13?
18 January 2013
According to my knowledge for both the cases capital gain tax must and should be pay. Now there is no choice to minimise or evation of capital gain tax. However i will respond you shortly with full details to support my answer. Also wait for other experts respons and sugesstions.
21 January 2013
1. Sale of residential house property if invested in office property in my view is taxable and not eleigible for any deduction/exemption in the scheme of Capital Gains
2. Residential house property sold on 31.07.2011. return should have been filed and the capital gain should have been kept in a designated account with bank. then even if investment made in Jan 13 it would be eligible for deduction. as things stand i am of the view that tax cannot be escaped in this case either
CAclubindia
