05 February 2023
Land was jointly owned by me & my spouse , which was purchased in 2015 & sold recently in Dec 2022 with long term capital gain.My spouse has already a owning a flat in one city. Now we want to purchase a flat another city on joint name. My queries : 1) Do we need to deposit capital gain account scheme in bank on or before 31st March 2023 or not ? 2) At present amount is in saving bank accounts only. 3) can we purchase flat/ house in FY 2023-24 without depositing amount in Capital gain scheme account ? 4) whether my spouse shall be eligible for Capital gain tax exemption under Sec. 54.? 5) we need to purchase House/ flat only from capital gain amount or we can invest in another land ? 6) any other suggestion from experts Experts are requested please guide us
06 February 2023
1 Before filling ITR it has to be deposited if not purchased the house. 2 No problem. 3 yes, but purchase should happen before filling ITR. 4 Both are eligible only for section 54F exemption. 5 In case of agricultural land sale you can buy another agricultural land.