Capital Gains

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  1. Col V K Singh

    Col V K Singh New Member

    In Dec 15 our ancestral property was sold and sale proceeds were equally decided among us 5 brothers and sisters. Accordingly an amount of Rs 53,46,500/- came to each of us as Long term Capitol gain. I already have three residential properties in my name - one in which we reside, one occupied by my son and one on wend. Plz advise me as to how can I save this capitol gain described above at this stage
     
  2. ZED

    ZED Well-Known Member

    Whether the ancestral property a residential house property?
     
  3. Col V K Singh

    Col V K Singh New Member

    Yes
     
  4. Col V K Singh

    Col V K Singh New Member

    Yes . Also the same proceeds are still in my savings account
     
  5. ZED

    ZED Well-Known Member

    U/s 54 there is no condition that assessee should not own more than one residential house property.
    You may claim exemption u/s 54 if you acquire a residential house property as per the conditions of S.54.
    If you do not wish to acquire/construct a new residential house property, then capital gain upto 50Lacs can be invested u/s 54EC and exemption can be claimed for upto 50 Lacs.
     
  6. Col V K Singh

    Col V K Singh New Member

     
  7. Col V K Singh

    Col V K Singh New Member

    I can put in the bonds as suggested by you however I believe this was required to be done with in 6 months from the date of the sale of our ancestral property. Is that correct and if so then I will not have any other option but to buy residential property. It also means that I will have to out the complete sale proceeds in Capital Gains account before 31st july. Plz clarify
     
  8. ZED

    ZED Well-Known Member

    You are correct in respect of date.
    Only the capital gain amount needs to be invested in capital gain account scheme and not the entire sale proceeds.
     
  9. Col V K Singh

    Col V K Singh New Member

    Do you mean to say that 6 months time limit to invest in CG bonds not applicable in this case as the property was sold in Dec 15
     
  10. ZED

    ZED Well-Known Member

    Yes, its July already.


    54EC. (1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset
     
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