Capital Gains
This query is : Resolved
18 August 2009
I have sold an asset in May2008 with a Long term capital gain , however i have not invested the amount in any capital gain schemes as i want to buy a house in the stipulated 2 year period, while filing returns what should be the capital gains status, secondly as the new house requires only a part payment , i shall be investing the capital gains over a period of next 2 years till the house is complete, what provision i have to make ?
18 August 2009
to claim exemption u/s 54, you must use the capital (the amout of capital gain not the amt of sale consideration ) in buying a new house within 2 years or constructing new house within 3 years. However if the house can not be bought within due date of filing of return for the year in which Cap gain arise it should ve invested in capital gain deposite scheme(CGDS) and the pooof of which must be submitted with return to claim deduction u/s 54.
18 August 2009
It is Capital Gains Accounts Scheme,1988 and not CGDS as mentioned above.
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