capital gain exemption
This query is : Resolved
s.thirunavukkarasu
(Querist)
21 October 2010
To claim exemption whether it is necessary/mandatory to deposit amount in
capital gains account scheme and then to buy a house or can we buy house directly from a s.b. account where sale consideration is deposited?
capital gains account scheme and then to buy a house or can we buy house directly from a s.b. account where sale consideration is deposited?
Aditya Maheshwari
(Expert)
21 October 2010
YOu can pay it directly also.
However if in the intervening period the due date of return falls i. e. suppose u sell ur house in February 2010 and purchase the new house by october 2010 then u have to compusorily deposit amount in capital gains a/c scheme to claim exemption by July 2010.
If purchased within July 2010 (assumed assessee not liable for tax audit) then no need to deposit in that account.
However if in the intervening period the due date of return falls i. e. suppose u sell ur house in February 2010 and purchase the new house by october 2010 then u have to compusorily deposit amount in capital gains a/c scheme to claim exemption by July 2010.
If purchased within July 2010 (assumed assessee not liable for tax audit) then no need to deposit in that account.
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