Income tax on capital gain
This query is : Resolved
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
(Expert)
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
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
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