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CA Tarun Kumar Gupta  

CA in Practice
20Year  10Month  experience

WE ARE PROVIDING SOLUTION TO ANY INCOME TAX, GST AND BOOK KEEPING(CLOUD AND NON-CLOUD) PROBLEMS.

  
   
 
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K-107, 1ST FLOOR, KISMAT COMPLEX,
LUDHIANA
Pin code - 141003

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10:30 am - 5:30 pm

Services

✔ Business Incorporation✔ Accounting / Book keeping
✔ Company Auditing✔ Compliances
✔ Financial Consulting and MIS✔ Direct Taxation
✔ Indirect Taxation✔ Personal Wealth Planning
✔ Payroll Management✔ Govt.Registrations and Licenses
✔ Corporate Registration & Verification✔ Business Planning & Initiation
✔ Internal Audit✔ GST

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✔ Education and Training✔ Manufacturing
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Education
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    TARUN R GUPTA & ASSOCIATES
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V

Vinay Kumar Sharma

10 Months ago

Can I refund my TDs on Fd...After the FY and Ay ended

CA Tarun Kumar Gupta     9 Jul 2020

Yes you can get refund of TDS by filing return of income. You will get refund of TDS after adjusting tax due on your income.
CA Tarun Kumar Gupta
9814869097
tarunfromjalandhar@gmail.com

CA Abhishek Agarwal     11 Jul 2020

Yes you can get refund of the TDS amount already deducted post adjusting tax determined, provided you file your Income tax return.
Please feel free to reach us at abhi.associates2018@gmail.com for any further queries.

CA Navin Jain     11 Jul 2020

Yes TDS refund can be claimed provided your tax liability is lower than the TDS deducted. For professional consultancy, you can write to us at canavinjain1@gmail.com or reach me at +91 9830375894

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V

Vinay

10 Months ago

I have capital gains from the proceedings of a 'Residential Land' sale (Sept-2019). I plan to invest all of the capital gains in a house purchase (within 2 years from the date of sale).
Would I be able to claim exemption on the Capital gains with reference to Section-54F?
If so, should I be depositing the gains into a Capital Gains Account Scheme before July 31st 2020?

CA Naman Maloo     7 Jul 2020

Yes you can save capital gain tax by investing the entire amount in capital gain account scheme but as per my opinion you can invest in the same till 30.11.20
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com

CA Tarun Kumar Gupta     7 Jul 2020

Conditions to be taken care of while claiming exemptions under section 54F of the Income Tax Act, 1961-
a. An exemption under section 54F is available only to an individual or a Hindu Undivided Family (HUF).
b. An exemption is available towards the capital gain arisen on the transfer of any long term capital asset other than a residential house.
c. The ‘net consideration’ arisen on the transfer of long term capital asset is invested in either of the following manners –
i. The amount is invested to purchase one residential house in India. It is compulsory that such investment is made within a period of 1 year before or 2 years after the date of transfer; or
ii. The amount is invested, within a period of three years, to construct one residential house in India.

What is net consideration:-
The assessee is required to re-invest the ‘net consideration’, in order to avail exemption under section 54F of the Income Tax Act. The term ‘net consideration’ is defined under the Explanation to section 54F. Accordingly, net consideration means the full value of the consideration received on account of the transfer of long term capital assets reduced by any expenditure exclusively incurred in connection with the transfer.
Net consideration = Full value of consideration (-) Expenditure

Exemption under section 54F is not available under below circumstances-
a. The assessee already owns more than one residential house on the date of transfer of the long term capital assets.
b. The assessee purchases additional residential house (other than the new residential house purchased/ constructed to claim an exemption under section 54F is claimed) within a period of one year from the date of transfer of the long term capital asset.
c. The assessee constructs additional residential house (other than the new residential house purchased/ constructed to claim an exemption under section 54F is claimed) within a period of three years from the date of transfer of the long term capital asset.

Section 54F of the Income Tax Act provides exemption as under –
Particulars Amount of exemption
When full net consideration is invested The full amount of long term capital gain is exempt
When proportionate net consideration is invested Exemption =
Long term capital gain * Amount re-invested / Net consideration
Exemption under section 54F will be withdrawn under below circumstances:-
The assessee cannot transfer the newly purchased or constructed residential house for a period of three years from the date of purchase or date of construction, as the case may be.
However, in case the assessee transfers the newly purchased/ constructed residential house, then, the capital gain exempted under section 54F would be taxable as long term capital gain in the previous year in which the residential house is transferred.

Capital Gain Deposit Account Scheme:-
The provisions of section 54F allow the assessee to re-invest in any of the following manner –
a. In case of purchasing of the residential house – the assessee can invest one year before or two years after.
b. In the case of constructing a new residential house – the assessee can construct within a period of three years.
However, if the amount is not re-invested within the last date of filing of return of income. Then, the assessee is required to deposit the unutilized amount into the capital gain deposit account scheme. The unutilized amount deposited into the account can be used for purchasing or constructing the residential house within the period of two years or three years.

If the assessee fails to utilize the amount within the specified period of two or three years, then, the unutilized amount would be treated as capital gain in the previous year in which the period expires.

CA Tarun Kumar Gupta     7 Jul 2020

CA Tarun Kumar Gupta
tarunfromjalandhar@gmail.com
9814869097

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