Capital gain query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2013
PLOT PURCHASED -40000 RS IN THE YEAR 1988-89
TOTAL PLOT AREA – 1350 SQ. FT
450 SQ FEET SOLD IN APRIL 2013 FOR 30 LACS, [9LACS RECEIVED THROUGH CHEQUE,21 LACS IN CASH}
CONSTRUCTION ON REMAINING 900 SQ.FT WAS STARTED IN MAY 2013 BY USING 21 LACS AMOUNT?
WHAT WILL BE THE CAPITAL GAIN?
HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
TOTAL PLOT AREA – 1350 SQ. FT
450 SQ FEET SOLD IN APRIL 2013 FOR 30 LACS, [9LACS RECEIVED THROUGH CHEQUE,21 LACS IN CASH}
CONSTRUCTION ON REMAINING 900 SQ.FT WAS STARTED IN MAY 2013 BY USING 21 LACS AMOUNT?
WHAT WILL BE THE CAPITAL GAIN?
HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
06 August 2013
Since you have started construction on the balance portion of the land you can show investment of capital gains and can claim the exemption u/s 54F but you should follow the provisions of section 54F(4) which speaks about opening of a separate account before the due date of filing of your return if you have not invested the entire capital gains
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2013
WHAT WILL BE THE CAPITAL GAIN?
HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
HOW TO SAVE 9 LACS WHICH WAS GIVEN THROUGH CHEQUE?
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