Capital gain tax

This query is : Resolved

Pragnesh Trivedi (Querist)
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22 November 2013 Hi

I have N.A. Land I Divided in to plots and sold it to various persons. so huge capital gain occure i do not have any residential property option to invest same i am searching for same.with in next two year i will invest same fund into residential property. kindly advice i an not investing same in curret year. i am lible to pay capital gain tax this year.

Waht i have to do with the fund received for that i have to open saperate account

Please advice.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 if you wish to invest within next two years, you may deposit the said money in an account opened with any Indian bank under capital gains accounts scheme.

you can withdraw this money as and when you want to invest in next two years.

By doing the above, you wont have to pay tax in the current year. Interest received on capital gains account is taxable.

If you are unable to utilize the sum deposited in capital gains accounts within three years, the said money shall be charged to capital gains tax in the third year.

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