Capital gain-urgent
This query is : Resolved
28 March 2014
assessee has capital gain of 35 lakhs and deposited 48 lacs i.e. considerartion received on sale of asset by mistake in capital gain account now he has purchased a house of 40 lacs. So can he withdraw excess 8 lacs without paying tax from capital gain account?. the exemption is claimed under section 54 which state investment in property needs to be equal to capital gain and not consideration received. Kindly advice.
URGENT
URGENT
28 March 2014
only 5 laks will be allowed as out of 40lakhs ,35 lakhs was capital gain so only 5 lakhs are allowed.
28 March 2014
I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX
28 March 2014
out of 48 lakhs u have purchased house of 40 lakhs so u can withdraw balance 8 lakhs.
28 March 2014
I AM ASKING WHAT TO DO ABOUT THE EXCESS AMOUNT DEPOSITED. HOW TO WITHDRAW IT WITHOUT PAYMENT OF TAX
28 March 2014
but there is no tax applicable on excess amount if u withdraw as there is no "income " as per sec 2(24)of income tax...its just the capital amount is withdrwan.
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28 March 2014
ur welcome siddhi..........................
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