CA.Anupriya Agarwal (Practising CA) (110 Points)
17 April 2013I have a Capital Gain of Rs. 42,00,000/- from which I am eligible to Claim Rs. 28,00,000 u/s 54F. The remaining Rs. 14,00,000/- can it be Shown that I have given it to a Builder as advance for Re-modelling & Reconstruction and add it to the Cost of the House Property Purchased u/s 54F?
I am not getting any other option other than investing in 54EC or pay tax on 14Lakhs?
CA Hardik Vyas
(Practicing Chartered Accountant)
(130 Points)
Replied 18 April 2013
To Avoid Tax for now,
You may deposit Rs. 1400000 in a Separate Bank Account with Nationalized Bank before filing of Inocme Tax Return.
Imran Hingora
(Learner)
(248 Points)
Replied 19 April 2013
| Originally posted by : CA.Anupriya Agarwal | ||
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I have a Capital Gain of Rs. 42,00,000/- from which I am eligible to Claim Rs. 28,00,000 u/s 54F. The remaining Rs. 14,00,000/- can it be Shown that I have given it to a Builder as advance for Re-modelling & Reconstruction and add it to the Cost of the House Property Purchased u/s 54F? I am not getting any other option other than investing in 54EC or pay tax on 14Lakhs? |
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REFER TO SOMETHING CALLED "CAPITAL GAIN ACCOUNT SCHEME" (CGAS) ASK YOUR BANKER FOR MORE DETAILS...
CAclubindia
