Long term capitalgain account (in the case of site)
This query is : Resolved
CHANDRAKALA
(Querist)
05 April 2018
Long term capital gain amount deposited in capital gain account scheme. After 3 years can we utilize the amount or we have to purchase the house property. If we want to utilize the amount means is it taxble
05 April 2018
Amount deposited should be used only for specified purposes as mentioned (purchase or consteuction). If not utilized within the period, same is taxable to the extent exemption claimed and not utilized.
KAVIRAJA ADDANGADI
(Expert)
06 April 2018
Long term capital gains amount deposited to be used within 3 years for Purchase or Construction, If you fail you will be liable to Tax under the head LTCG.
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