My wife sold vacant site for 65 lakhs on 02 May 2019.
We are trying to purchase a property jointly for 2 Cr. so far in 3 month nothing settled.
What is the time limit to keep capital gain 0f 65 lakhs in Capital gain account scheme
I have read in your article that it is allowed if the capital gain is kept in Normal FD in nationalized bank and not utilizing this till purchase of new property.
Is CA opinion is must to keep complete capital gain in CGAS to deposit and withdraw finally after complete settlement of purchase agreement.
Thanks in advance
vijay
1 Answers
Dear vijay,
Normal FD? - That would have been one of court / IT tribunal ruling. Kindly do not go by the judgement. It is advisable to stick to general rules.
Advisable to save the proceeds in CGAS scheme.
The deposits may be made in one lump sum or in installments at any time. The amount should be deposited before the due date for filing income tax returns.
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