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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- SALARY CAN BE CAPITALIZE
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
