Pay capital gains after cgas
This query is : Resolved
06 September 2015
I sold land in March 2013 and deposited the capital gain proceeds in CGAS in July 2013.
I have 3 years (only 1 year to go now) to deploy the CGAS if I buy land and construct a house.
I am considering paying of the capital gains tax now or next year, because I do not expect real estate to be profitable investment.
How do I calculate the tax payable now that I have already gone for CGAS?
Thanks,
Kapil
I have 3 years (only 1 year to go now) to deploy the CGAS if I buy land and construct a house.
I am considering paying of the capital gains tax now or next year, because I do not expect real estate to be profitable investment.
How do I calculate the tax payable now that I have already gone for CGAS?
Thanks,
Kapil
06 September 2015
It is a 'deemed capital gain' in the financial year 2015-16. Calculate tax and pay 30% before 15-9-2015 as advance tax and the balance on or before 15-12-2015 and 15-3-2016 respectively.
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