Income tax on capital gain

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Ankur (Querist)
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17 July 2012 Hi, Myself Ankur Garg, My query is that if Mr. A has a capital gain income in the FY 10-11 from selling a residential property but unknowingly he could not put that money in capital gain deposit scheme in the nationalize bank but he is constructing a new residential property so can he claim the exemption under section 54, if yes than how..?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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17 July 2012 some issues are involved
only the utilized portion will be exempted balance if not deposited will be taxable
for eg:-
if CG is Rs.200000/-
and before filing the return Rs.100000/- is utilized but the balance of Rs.1 lac were not deposited before the due date (30th sept)
then Rs.1 lac will be taxable