25 March 2016
dear all member. my father is an farmer not filing ITR , in april 2015 he recived compansation amount rs 40 lakh aginst comulsury acuisition of urban land by muncipal corporation. i have querry that 1) whether this amount attract capital gain? 2) if attracts then how to avoid it? 3) whether he can deposit such amount in bond or in CGAS right now?
25 March 2016
Dear The Capital Gain will be attracted in this case. You can claim benefit of depositing amount in CGAS only if the caital gain is in nature of LONG TERM. The amount should be invested in a ‘Capital Gains Account Scheme’ under the Capital Gains Account Scheme, 1988. The scheme is applicable to all assessees having capital gains. The deposits may be made in one lump sum or in installments at any time. The amount should be deposited before the due date for filing income tax returns i.e you can deposit amount on or before 31/07/2016.
25 March 2016
Dear You can not deposit money in Bonds as the bonds has to be purchased within 6months from the date of transfer. And the same period has elapsed in your case.
27 March 2016
thank u sir for your valuable replay .. we dont want to purchase any property hence we think it will be deposit in bonds but time limit has been laps as per your suggesation .. pls advoice can i purchase bond before 31 march 16.. is will benifitial for me or not?
27 March 2016
thank you sir for your valuable replay.. but we dont want to purchase any property .. this amount want deposit for fathers retairments .. hence we want deposit in bonds , but as per your suggestion time has been laps. what to do next?
27 March 2016
Dear Last date to deposit amount in cgas is 31.07.16. You can purchase house within 2years after tha date on which transfer took place and construction within 3years of the date of transfer.
CAclubindia
