how to treat long term capital gain

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  1. Ritesh Pandey

    Ritesh Pandey New Member

    dear sir,
    my question is of most urgency so pls reply it as early as possible.
    me and my mother sold an commercial land for rs 1,02,08,000/- and registered it in the favour of purchaser on 23 december 2015 in three parts for rs 39,60,000, rs 31,24,000 and rs 31,24,000. we registered the total land in three parts means three registry. of each registry we got approx 15 percent amount in cash and 85 percent by cheque. we presented the cheques in our bank account but they got dishonoured. afer that purchaser paid us some amt in june 2016 and some amt in july 2016 total amounting to rs 54,28,000/- in cash and took the cheques of the said amt. he paid rs 9,50,000/- by way of bank in sep 2016. the amt of rs 38,30,000/- is still pending towards him. as i am liable to ltcg of 90,00,000/- and responsible to pay tax on it or invest it in the bonds or opened the capital gain account. but till date i have not done any of the above things due to non receipt of full consideration in time.
    now the issue is that i havent received the full consideration till date and still the payment of about 38 percent is pending. wat reliefs can we get from Assessing Officer on not getting the payment in time and the payment not received and what we should do to resolve the tax liability.
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