CAPITAL GAIN INVESTMENT
This query is : Resolved
13 July 2022
An individual sold his residential property for Rs. 90 lacs and his capital gain amount is Rs 45 lacs after indexation. The time period for depositing money in capital gain account is the last of filing ITR which in this case if July 31, 2022. However he has already initiated a purchase transaction for buying a land from development authority (Govt body). He has paid about 15 lacs which is 10% of the new property. The remaining amount is to be paid within next 2-3 months.
Does he still need to deposit amount in capital gain account.
Does he still need to deposit amount in capital gain account.
14 July 2022
Yes, he has to deposit the remaining amount in CGAS, 1988 acct, before filing return for the PY.
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