CG Account Scheme
This query is : Resolved
15 May 2025
My query :-
If I have sold a residential property in a certain FY & have deposited the capital gain amount in the capital gain account scheme within the stipulated time period, for example :- deposition was made on 30th May, 2023 & my deposit shall be maturing on 29th May, 2025 i.e. after two years as prescribed by Income Tax Act, 1961.
Then whether I'll get a period of 60 days from the date of maturity or withdrawal (whichever is earlier) in order to purchase the new residential house property by transferring the above deposited amount to the seller of the new residential property at the time of registration of the property.
Kindly assist me by replying to my query asap.
If I have sold a residential property in a certain FY & have deposited the capital gain amount in the capital gain account scheme within the stipulated time period, for example :- deposition was made on 30th May, 2023 & my deposit shall be maturing on 29th May, 2025 i.e. after two years as prescribed by Income Tax Act, 1961.
Then whether I'll get a period of 60 days from the date of maturity or withdrawal (whichever is earlier) in order to purchase the new residential house property by transferring the above deposited amount to the seller of the new residential property at the time of registration of the property.
Kindly assist me by replying to my query asap.
15 May 2025
To claim capital gains exemption, the taxpayer should purchase another house within a period of two years after the date of transfer of old house.
No need to wait for the maturity withdraw and make purchase new property within 2 years of sale of old property.
No need to wait for the maturity withdraw and make purchase new property within 2 years of sale of old property.
15 May 2025
Due to the mutation, I'll not be able to purchase the new property or make the registration of new property in my name with in the specified period of 2 years from the sale of original property i.e. the registration of the new property or purchase of the new property will be made 15 or 20 days after the completion of the two years from the date of sale of original property.
Then what'll the consequences....????
Then what'll the consequences....????
15 May 2025
ideally, in such cases, atleast make the payment for the property in advance. even if the AO disallows, there is a decent chance of getting relief from the higher appellate authorities.
15 May 2025
refer following case laws: Rajneet Sandhu vs. DCIT in 2010 in Chandigarh
Pradeep Kumar Chowdhry vs. DCIT
Pradeep Kumar Chowdhry vs. DCIT
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