27 February 2012
Hi, Myself Ankur Garg and my query is that i had purchased a property in 2001-02 for the amount of Rs. 13 Lacs and i Have sold it out in fy 2011-12 for the amount of Rs. 1 Crore,the process has been finalised on 25 Feb 2012, i want to purchase a new property in this coming FY, so my query is that should we pay tax on the capital gain which we have recd for the FY 2011-12,If we purchase a new property from this capital gain in coming FY, so what will be the tax treatment in the Current FY (2011-12).
27 February 2012
If you purchase the new house before the due date of filing the return,, you can claim exemption u/s 54.
However, if you are unable to invest the amount, then you can deposit the same in the capital gain account scheme with a nationalised bank and claim exemption from Capital Gain.
27 February 2012
Agree with Expert.... Deposit in Capital Gain Scheme Account with Bank and withdraw the amount as per the requirement for buying new property.
CAclubindia
