LTCG - HOUSE PROPERTY
This query is : Resolved
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.
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.
30 May 2021
Keep it in present bank account in view of new house purchase in 3 months.
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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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