Capital gains account scheme

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Anupam (Querist)
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22 January 2014 Hi,

I have sold 2 flats - one in Aug 2013 and another in Oct'13. Total Capital Gains from both are Rs 1.85 cr. I will not be able to buy a new house before 31st July 2014, hence would like to deposit this amount in the CGAS scheme. Pls let me know the following:

1. By when can I deposit the amount ? I have heard various dates - within 6 months of sale OR by 31st July of Assessment year ?
2. Is there any limit on the amount to be deposited ? I heard for NHAI and REC limit is 50 Lacs per financial year. But is there any limit for depositing in the CGAS account ? Can I deposit the entire 1.85 crore ?
3. Can I use the total capital gains of both the sale for buying a Single house ?

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 January 2014 1. you need to deposit the capital gains by the due date for return that is 31 July or any other date CBDT announces for the next year

2. If you are not utilizing the amount by due date for filing return, you need to deposit the whole of capital gains in the account

3. yes, you can do so.

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