Capital Gains

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ARVIND JAIN (Querist)
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07 July 2009 My freind has sold a house property in april 2008 and deposited the Capital Gain of 25 lacs in FixedDeposit with scheduled bank in Capital Gain A/c maturing feb,2010.Can he purchase two houses from the amount.He wish to purchase a shop , can he do so.Can he book a flat in new project and pay the capital gain amount and the balance in instalments and possession in Nov 2011/2012.Suggest

Deepak Goel

Deepak Goel (Expert)
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07 July 2009 This question already answered. You can buy one or more home

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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07 July 2009 You can buy one or more house but you if you will purchase shop, benefit of exemption will not be available.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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07 July 2009 The amount is to be kept in a Capital Gains Account Scheme(CGAS) and not in a fixed deposit with a scheduled bank.

CA Bosu babu

CA Bosu babu (Expert)
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07 July 2009 as per karnataka hc decision you can buy more than 1...but mumbai HC given that only one.....you can take any view and support your treatment. and keep money in CGAS account with IT authorities and shd be utilised as per due period given