Capital Gains

[vishnu kiran]

Mr.X sold a residential house for Rs 50,00,000/-. indexed cost of acquisition was Rs 10,00,000/-

He has purchased a residential plot of Rs 15,00,000/- in the same year and Rest Rs 25,00,000/- deposited in account of capital gains.

Situation 1. He did not utilise the amount deposited at all

              2. He has invested full 25,00,000/- on construction but construction of residential house is not completed with in 3 years

Please tell me what amount should be offered for capital gains???

 

Regards

Vishnu Kiran Shastry

[Sanketh nayak]

both results in the same no. within a period of 3 years if it isnt
completed it is vilation of provision of s.54 no?

[vishnu kiran]

i would like vignesh to answer this. he knows the correct answers..

[Vignesha M]

You want me to post those 3 pages here.?? :D

[Vignesha M]

Hey guys I referred these pages to answer Vishnu's question..
http://www.caclubindia.com/forum/capital-gain-exemption-u-s-54f-54797.asp

http://taxworry.com/can-you-get-exemption-us-54f-even-if-builder-does-not-complete-house-within-three-years/