Investment in capital gain scheme

 

(Querist)
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


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

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



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