Query regarding taxtation

Ramesh Kumar Pandey (Querist) 29 April 2014 This query is : Resolved
Dear sir, I hereby attached a Letter Copy received from Audit Section of Income Tax department and ask about How can I get relief ? The details as Under :

I have purchase a Flat on 27/08/2008 and sold these flat on 31/08/2010 and earned a profit of Rs. 22,18,340/- for the asst year 2011-2012 and subsequently I have purchase a office on 28/03/2011 and the Income Tax Department disallow exemption of long term capital gain u/s 54 of the Income Tax Act, 1961

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B.Chakrapani Warrier (Expert) 29 April 2014
You are not entitled to claim deduction u/s 54 because :-

1.Flat is not held for more than 36 months.

Rajendra K Goyal (Expert) 29 April 2014
Long term capital gains benefit is not available as the property was not retained for 36 months.

T. Kalaiselvan, Advocate (Expert) 02 May 2014
The eligibility conditions for long term capital gains is 3 years.

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Query regarding taxtation

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