Long term Capital gain Property sale
This query is : Resolved
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
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- NRI starting business in India
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Capital gain on sale and purchase of plot
- Non-Compliance documents have not been submitted by the contractors debited
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
