Long term capital gain and sec 54ec exemption related issue.
Neha Gupta (article assitant) (37 Points)
30 June 2016Neha Gupta (article assitant) (37 Points)
30 June 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
How can compensation received from landlord (for rented property) be treated as LTCG?
Satyarth Prakash Dwivedi
(Deadpool)
(43 Points)
Replied 30 June 2016
Neha Gupta
(article assitant)
(37 Points)
Replied 30 June 2016
IT IS A LONG TERM CAPITAL GAIN AS PER TENANCY RIGHT. IF A PROPERTY IS UNDER RENT FOR MORE THAN 12 YEARS THEN AS PER TENANCY BRIGHTS IT WILL BE TREATED AS A CAPITAL ASSET.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Okay. In that case, tenant will be the deemed owner of the house property as you have rightly said. Options I could think of are:
Neha Gupta
(article assitant)
(37 Points)
Replied 30 June 2016
THAT IS CORRECT BUT I HAVE MADE THE INVESTMENTS IN NHAI BONDS INSTEAD OF IN ONE RESIDENTIAL HOUSE HENCE ELIGIBLE FOR 54EC EXEMPTION.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
What I said is in addition to 54EC other exemptions are also possible in respect of unutilized LTCG
Neha Gupta
(article assitant)
(37 Points)
Replied 30 June 2016
TAHNK YOU!!
I AM AWARE OF THOSE EXEMPTIONS TOO. BUT I HAVE A DOUBT ON THE ISSUE THAT FOR SEC 54 DO WE NEED TO DEPOSIT THE LTCG UNUTILIZED IN CAPITAL DEPOSIT SCHEME ACCOUNT IN THE SAME YEAR OF TRANSFER OR LATER PERIOD.
Satyarth Prakash Dwivedi
(Deadpool)
(43 Points)
Replied 30 June 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Deposit in CG account within due date for filing return of income
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)