Investment in capital gain scheme

07 December 2017
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.

B.Chackrapani Warrier (Expert)
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.

sanjay (Querist)
08 December 2017
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.

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