AMIT RASTOGI (ACCOUNTS MANAGER) (33 Points)
13 December 2011HELLO EVERYONE
WILL ANY BODY PLEASE ADVISE ME THE FOLLOWINGS. I SOLD MY RESIDENTIAL PROPERTY IN SEPT 2011 RESULTING LONG TERM CAPITAL GAIN , HOW I CAN SAVE IT ?
I ALREADY HAVE ONE MORE RESIDENTIAL PROPERTY IN MY NAME IN WHICH MY BROTHER IS LIVING WITHOUT ANY RENT. AS WELL AS I POSES SOME COMMERCIAL PROPERTY ALSO
1) HOW I CAN SAVE LTCG.
2) HOW AND WHEN TO OPEN CAPITAL GAIN ACCOUNT i.e THE LAST DATE BY WHICH I CAN OPEN CAPITAL GAIN A/C
3) CAN I WIDRAW THE AMOUNT ANY TIME FROM THIS ACCOUNT.
ghanshyam saini
(Coaching field)
(27 Points)
Replied 13 December 2011
1. You have two options to save your LTCG
(i) Make a investment in any house property or deposit amount in capital gain deposit a/c so that it can be utilized in future to purchase or construct H.P.
the amount should be deposited in capital gain deposit a/c up to the due date specified u/s 139(1) i.e. 31 July, 2012 but it should be utilized to construct the property within a period of 3 years from the date of transfer of original H.P. or purchase a new house property within 2 years from the date of transfer of original house property. there is no restriction of no. of houses owned by assessee therefore you can hold more than one house at a time, the exemption u/s 54 can not be denied on that ground.
(ii) except the above you can invest the amount of LTCG in the bonds of NABARD, NHAI etc. within 6 months from the date of transfer of house property and claim exemption u/s 54EC. however in this case you have no option to deposit the sum in capital gain deposit account.
Note: you can claim both exemptions i.e. under section 54 and 54EC simultaneously
CAclubindia
