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Ltcg on house

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2012 DEAR SIR,
IF SOME ONE SOLD HIS HOUSE ON 01-01-2012 & EARNES RS.10 LAC LONG TERM CAPITAL GAINS.

MY QUESTIONS ARE:

1)WHAT IS THE TIME LIMIT TO PURCHASE NEW HOUSE

2)UNDER WHICH CIRCUMSTANCES I SHOULD DEPOSIT LTCG AMOUNT & WHAT IS THE TIME PERIOD TO DEPOSIT IT?

3)IF I FOLLOW ABOVE RULLES THAN WHAT WOULD BE THE LAST DATES (REGULAR & LATE) FOR FILLING IT RETURN TO AVAIL LTCG DEDUCTION
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 March 2012 1. The new house is to be purchased within a period of 2 years from the date of transfer.

2. However, if the amount is not invested in the new house before the due date of filing the return, then the amount should be deposited in a Capital Gain Account Scheme to avail the exemption.

3. The due date is 31st July, 2012 and you can file a belated return upto 31.3.2014 with penalty and 31.3.2013 without penalty.

However, the amount should be deposited by 31.07.2012 to claim the exemption.
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