13 May 2024
I have two flats. One flat in Bombay, which is in my name only. One flat in Bangalore, which is in joint name (my name first & wife)
If if sale my Bombay flat, which is in my name and invest whole sale proceeds to buy another flat in Rajasthan.
i). Is there any capital gain if I invest whole sale proceeds. ii). The new flat so purchased in Rajasthan can be in my name (single) or in joint name with wife. IIi). Can one person have two houses?
13 May 2024
It cannot be invested in land. Purchase within 2 years and construction within 3 years. In the meantime deposit the amount in capital gains deposit before filling ITR within due date.
14 May 2024
Go to the bank where you have an account and enquire about capital gains deposit. It can be withdrawn on submitting application for withdrawal on self declaration without any income tax department approval. Ensure it before making the deposit.
CAclubindia
