Capital gain tax

This query is : Resolved

Pragnesh Trivedi (Querist)
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22 November 2013 I sold Property during this year apart from that capital gain occure, but i am unable to invest same fund in any residential year current year.

Am I Libale tp pay capital gain tax for same this year if i will invest same in next two year?

What i have to do with fund for same i have to open seperate bank account?

Whay will be the treatment while filing IT Return?

Please Advice

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 you can park the said funds in capital gains accounts scheme before filing the tax return for the current year. Once this is done, you shall have 2 years (from the sale of the asset) to purchase or 3 years to construct a house property.

In case you are unable to utilize these funds, you shall be taxed in the third year from now for the capital gains.

In the IT return you shall claim exemption under Section 54 if the property should is a house property or else claim exemption under 54F.

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