Capital gains
This query is : Resolved
29 July 2014
Dear friendfs
Mr.X has sold his house on 13/06/2013 and made a long term capital gain of Rs. 32 lakhs. Which he is invested in purchase of flat for which he paid Rs.32.5 lakhs before 31/07/2014 . The flat is still under construction and expected to be completed in December 2014.
1) Whether the assessee since paid the entire capital gain money before 31/07/2014.
The exemption to be claimed this year ( Asst year 2014-15)
or since going to be registered next year ie during 2014-15 . He has to claim the exemption Asst year 2015-16.
Kindly clarify.
g_veera1954@yagoo.com
G.Veerabadran
Mr.X has sold his house on 13/06/2013 and made a long term capital gain of Rs. 32 lakhs. Which he is invested in purchase of flat for which he paid Rs.32.5 lakhs before 31/07/2014 . The flat is still under construction and expected to be completed in December 2014.
1) Whether the assessee since paid the entire capital gain money before 31/07/2014.
The exemption to be claimed this year ( Asst year 2014-15)
or since going to be registered next year ie during 2014-15 . He has to claim the exemption Asst year 2015-16.
Kindly clarify.
g_veera1954@yagoo.com
G.Veerabadran
29 July 2014
The capital gain should be utilized for purchase or construction within 2/3 years. In your case as he is eligible for exemption
30 July 2014
you need to claim exemption in AY 2014-15 itself.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- NR GST NUMBER
- For REQUIRE INDIVIDUAL GST
- Not a CA , can we prepare balance sheet
- FREELANCING ACCOUNTANT
- GST Form ADT-02
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Query Regarding on TDS section 194H and 194J
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
