Capital gains on sale of house

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2015 I have sold a house for Rs.15.00 lakhs. I have purchased a house site in my wifes name ( she is a housewife with no income of her own) and has started constructing a house on this land, during the next year The cost of land and construction is about Rs.16.00 lakhs. But i have not deposited the sale proceeds in a capital gains account. I have kept the cash in my hand only. what are the tax implications. Can the experts kindly enlighten me?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

27 September 2015 You are committing simultaneous breaches.

The new asset must be in your name.

If the money is not deposited in the capital gain account before the due date of filing the return, the capital gain would become taxable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now