Long term Capital gain Property sale

This query is : Resolved

CMA1998

CMA1998 (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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