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Capital Gains

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(Querist)
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
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Deepak Goel

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

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

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CA Nitin Wadhwani (Expert)
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.
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CA Bosu babu

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CA Bosu babu (Expert)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 July 2009 To Mr. Nitin
Fixed deposit is possible under Capital Gains Account scheme,1988.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
07 July 2009 Thanks Mr.Warrier for updation.
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