Capital gain

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pawan (Querist)
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13 November 2011 ONE OF MY CLIENT HAS SOLD A FLAT FOR 30 LACS ON 16.08.2011. NOW MY QUERY IS THAT:-

WHETHER HE CAN INVEST IN TWO PROPERTIES I.E. PURCHASE OF TWO RESIDENTIAL HOUSES/FLATS OR ONE HOUSE AND ONE PLOT.
SECONDLY IF DO NOT INVEST THE SAME UPTO 31.03.2012. THEN WHAT IS THE DUE DATE OF DEPOSIT IN CAPITAL GAIN ACCOUNT.LAST DATE OF PURCHASING OF TWO HOUSES. OR ONE HOUSE & ONE FLAT.OR ONE HOUSE & ONE PLOT( VACANT). LAST DATE OF FILING OF ITR IS 31ST JULY FOR HIM AS NO AUDITED CASE.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 November 2011 To avoid any controversy, he should invest in a single Residential House.

The Last date of depositing the amount in Capital Gains A/c as well as for the purchase of new house is 31.07.2012.
.

However if he deposits the amount in CG A/c, it has to be utilised upto 15.08.2013
and in case of construction of residential house he should utilise the amount kept in CG a/c upto 15.08.2014.
.

pawan

pawan (Querist)
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14 November 2011 THEN HE CANNOT PURCHASE TWO HOUSES. OR HE CAN PURCHASE TWO HOUSES.

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