07 December 2017
Sir I had invested the capital gain on sale of property in capital gain scheme in Feb16. Now I am not able to purchase property. The scheme period will mature in July2018. My question is that can i extend the FD under the scheme after 2 years? Or I have to give tax on the amount if I do not purchase property within time period of 2 yrs? Pl guide. Regards
07 December 2017
The maximum period of deposit is 24 months if you are buying. In the case of construction, a maximum period of deposit is 36 months as the case may be. That means extension of FD beyond that period is not possible. If you did not buy/construct the house property with in the above said time, you have to pay tax and obtain permission the ITO to close the CGAS,1988.
08 December 2017
Sir If I purchase the property in lieu of sale within 2 yrs then where I have to show in the return ? Can I purchase under construction property or ready to move property. Pl guide. Regards
CAclubindia
