I had claimed exemption under under 54F since I sold my plot and purchased a residential house. I could not retain my purchased house for 3 years and sold it within 2 years thereby violating one of the conditions of sec under which I claimed exemption. Since now I have to forego my earlier exemption claimed how do I deposit tax. Can I pay in march 2011 or do I have to pay as advance tax in Sept 10, Dec 10 and Mar 11. I understand that i will have to pay besides LTCG exemption STCG also for new sale. Please advise.
13 September 2010
u become liable to pay tax on the ltcg (exempted amount)at time of sale of the new house.pay advance tax in Sept 2010 on the accrued gain .
CAclubindia
