Capital gain
This query is : Resolved
Mayank Arora
(Querist)
10 November 2011
I sold my house in Nov 2011 for Rs. 15 lac. I am intending to purchase a new house by latest June 2011, i.e next Financial year. What should I do save capital gain on this transaction. May I deposit the amount of capital gain of Rs. 3 lac in Cap Gain A/c or not?
10 November 2011
To take the advantage of Sec. 54, you should deposit the money before due date of filing of return into capital gain tax scheme. But as you are intending to purchase the new house before that only, there arise no question of depositing the same into the capital gain account.
Mayank Arora
(Querist)
11 November 2011
Sir, it means i will have to purcahse a new house before the date of filing of return, i.e. 31.07.2012. Am i right??
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