long term capital gain

jasvinder (Querist) 30 January 2010 This query is : Resolved
the applicant sold flat on april 2008 for rs 12 lac which was purchased on 2000.01 for rs 5.25 lac now applicant want to invest the amount in new flat and installment starts from april 2009 the amount of flat is 27 lac.will the applicant get deduction or not.the applicant deposited the sale amt of rs 12 lac in his saving account booked a flat on april 2009 and paid installment of same in april 2009 - 100000, jan -2010 - 100000,and will deposit 400000 lac upto mar 2010
please give your valuable advice

Follow Query

Report Abuse

Guest (Expert) 30 January 2010
For more information and help visit www.airyourlegalqueries.com

A V Vishal (Expert) 30 January 2010
Under S.54 of the Income Tax Act you will not be eligible for claiming deduction since the sale proceeds were held in a Saving Bank account instead of Capital Gain Saving Scheme Account and further the amount was not invested in any property during the year 2008-09. However, this is purely technical matter. You need to consult your auditor/tax consultant since you bought the house in April 2009, he will guide you properly how to go about in the matter.

soumitra basu (Expert) 02 February 2010
In my personal opinion based on the High Court decision, You will be eligible to exempt capital gain under section 54 of the Income Tax since the investment will be made within the time specified in section 139(4) of the Income Tax Act.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries