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?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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?

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