Capital gains on sale of house
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?
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.
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.
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