Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Capital gains reinvestment - Stuck with a recent ruling on property registration by Madras High Court

Income Tax - Started By: - Srinivasan Krishnan - Dated:- 23-9-2016 Last Replied Date:- 24-9-2016 - Dear ExpertsI am writing to seek expert advice on a capital gains reinvestment issue that I have on account of a recent ruling by the Madras High Court.I had sold a plot in Chennai in February 2014, and the capital gains of ₹ 45 Lakhs arising out of the sale of the plot (after deducting the plot cost with expenses and indexation) is parked in a Capital Gains Accounts Scheme (CGAS) in an appro .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the house (850 square feet) is ₹ 50 Lakhs. The plot purchase and construction was finalised in July 2016, and the advance payment of ₹ 5 Lakhs for the plot was made by me in August 2016. The Plot was to be registered in end-September 2016, and construction was to commence in the 1st week of October. Since this is a 850 square feet house, the construction was to be completed within 4 months by end of January 2017, before the 3 year reinvestment deadline concludes by early February 20 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ough there is a strong possibility that the High Court ruling will be over ruled and a scheme to regularise unapproved plots will be introduced in Tamil Nadu and this will take a few months to be implemented. This will be too late for me as I will not be in a position to register the plot and construct a house on the plot within the 3 year deadline by February 2017. If I do not purchase / register and construct a house on the plot by Feb 2017, I will have to pay Capital Gains with interest for 3 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version