Long term capital gain

301 views 8 replies

Akhil Mittal

Self Employed

31 Points Joined March 2016

My client has sold one of his residence for Rs. 140,00,000 in the F.Y. 2014-15 and has made a Long Term Capital Gain of Rs. 85,00,000. Now, he bought another single residential house property for Rs. 130,00,000 in the same FY.
He took a Housing Loan of Rs. 105,00,000 for purchase of this property. Now as he has invested more than Rs. 85,00,000 in single residential house property, will his Capital Gain be exempted?

Further if not, why?
What remedies he has for F.Y. 2015-16 to be adopted. Here he has not kept the money in any Capital Gain account in the F.Y. 2014-15 but has invested another Rs. 40,00,000 in the construction of same single Residential house purchased.

Please give elliberated reply to my query.

Replies (8)

Akhil Mittal

Self Employed

31 Points Joined March 2016

Please reply ASAP.
Thanks.

CA. Roopali Kadam

Jobs on assignment basis.

1481 Points Joined December 2009

the 2nd property is purchased or constructed, or after the purchase of property some more construction is done,

85,00,000 invested before due date of filing return?

Akhil Mittal

Self Employed

31 Points Joined March 2016

13000000 was invested in same FY 2014.15 .but also took housing loan of 10500000.will 8500000 worth of capital gain be deemed to be invested for the purpose of sec 54 .. also in next year more investments made by adding another floor on same house.