LTCG - HOUSE PROPERTY

This query is : Resolved

Deepak Walia (Querist)
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30 May 2021 I AM GOING TO SELL MY PRESENT HOUSE PROPERTY VERY SOON. I WILL ALSO BUY A NEW HOUSE PROPERTY SOON SAY WITHIN THREE MONTHS TIME.
SHOULD I KEEP PURCHASE CONSIDERATION RECEIVED FROM OLD PROPERTY IN MY PRESENT BANK ACCOUNT OR I NEED TO OPEN A NEW SEPARATE BANK ACCOUNT FOR THIS PURPOSE.
I NEED TO SAVE MY LTCG U/S 54.
WHAT SHOULD I DO! PLEASE ADVISE ME.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 May 2021 Keep it in present bank account in view of new house purchase in 3 months.

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CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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31 May 2021 No need to open a separate account. You have time to buy/construct the new house within 2/3 years respectively. However, if investment is not made within the due date of filing ITR then such gains have to be deposited in a capital gain deposit account. In this case, since the sale is being made during this FY, time limit to invest would be before due date of ITR for FY21-22 (next year).

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