Need to open Capital gain account or not

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If you sell a property in June 2024 and plan to buy a new one in February 2025, you generally need to deposit the capital gain into a Capital Gains Account Scheme (CGAS) account before filing your tax return if you can't use the funds for the new property by July 2025. This ensures compliance with tax regulations regarding capital gains from property sales.

Kuldeep Singh

Kuldeep Singh (Querist)
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08 July 2024 Suppose if i sell a plot/house property in June 2024 and want to buy new house property in February 2025. Should i have to deposit the capital gain in CGAS scheme before July 2024 or July 2025 (at a time of itr filing)?

Actually i do not want open capital gain account so when can i buy new property without depositing mony in capital gain account?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 July 2024 Property sold ... June 2024, So if you cannot utilize the money in purchase/construction of HP by July, 2025, you need to deposit the amount in CGAS,1983 acc before filing return i.e. 31.07.2025.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2024 Good luck.

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