Capital gain

This query is : Open

pawan (Querist)
Follow

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)
Follow

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)
Follow

14 November 2011 THEN HE CANNOT PURCHASE TWO HOUSES. OR HE CAN PURCHASE TWO HOUSES.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

shobi H

P.S.Satya narayana

SARAVANAN PALANISAMY

tsrandcompany@gmail.com

nandeesh mashyal

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Senior Executive

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT