Capital Gains
This query is : Resolved
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
07 July 2009
This question already answered. You can buy one or more home
07 July 2009
You can buy one or more house but you if you will purchase shop, benefit of exemption will not be available.
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.
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
07 July 2009
To Mr. Nitin
Fixed deposit is possible under Capital Gains Account scheme,1988.
Fixed deposit is possible under Capital Gains Account scheme,1988.
07 July 2009
Thanks Mr.Warrier for updation.
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