Exemption u/s 54f

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25 plots (inherited) sold from June 2011 till April 2012. In June 2011 a under construction flat was booked, with an agreement value of Rs. 27 lacs. Now total amount received from the sale of 25 plots was Rs. 23 lacs. The amount received in 2011 was Rs. 6 lacs and the amount received in 2012 was Rs. 17 lacs. And the whole 23 lacs were not deposited in the capital gain account. I am paying the flat installments by depositing the amount received from plot sale in my savings a/c thru cheque. Can i still claim for exemption u/s 54f ?

1 Answers

As sale consideration amount was not deposited into capital gain scheme account before last date of return filing and possession for new property has not been taken, benefit u/s 54F won't be available.

is there any way out? can you suggest?

There is no other way out now. If you file returns, show gains and exemption, assessing officer would reject it after looking into your case.

so this means i have to pay tax @ 20% of Rs. 23 lacs. or can i file returns using HUF pan and show property business? will this be helpful?

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