Capital gain section 54

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Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2013 My one of the client had sale house property in f.y. 2012-13 for Rs. 40,00,000/-.

So, my question is, He purchase property within how many years for exempt capital gain amount.

Sumit Grover

Sumit Grover (Expert)
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24 April 2013 within 2 years from the date of transfer.......or if he purchases a land, then house should be constructed within 3 years from the date of transfer...

Moreover, if your client is unable to buy the house by the due date of filing of return u/s 139...then the amount of capital gain(to be invested) neeeds to be deposited in Capital Gain A/c wid a scheduled bank. and from there the amount can be utilised for purchasing or constructing the house within the time specified above

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2013 Thanks sir

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Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2013 one more question is he purchase only one house property or more than one

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

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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30 June 2013 Yes I agree with the expert but you have not clarified if you are the existing house and you want to invest in the second house or not or what is the actual position. You are entitled for the claim u/s 54F provide you fulfill all the conditions