Capital gain exemption
This query is : Resolved
25 March 2014
Hi, we purchased a house in 2010 in my mother's name. In 2012 we sold our old house which was in my father's name. Is the resulting capital gain is eligible for deduction under Sec 54 if i deposit the capital gain in CGAS. We don't have any plan to purchase a new house in that capital gain. Even if we don't use it for buying new house, still i can postpone the tax payment for 3 years right?
26 March 2014
you may do so...please note interest earned on the CGAS is charged to tax in each year.
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