Profit on sale of property used for residence
This query is : Resolved
27 March 2010
i am sealing my flat in the month of march 2010. it is more than 3 years old property. how much time period i have to deposit the profit amount in other residence property.
27 March 2010
54 states :
the amount of capital gain accrued from the sale of the residential house property has to be invested one year before or two years after the date on which the transfer took place purchase , or has within a period of three years after that date constructed, in a residential house, then no capital gain tax will be levied.
If the amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme37 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset :
the amount of capital gain accrued from the sale of the residential house property has to be invested one year before or two years after the date on which the transfer took place purchase , or has within a period of three years after that date constructed, in a residential house, then no capital gain tax will be levied.
If the amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme37 which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset :
27 March 2010
this is cut copy work dear from income tax site not expert answer. plz give me clear answer
27 March 2010
you purchase new house within 2 years or construct house within three year,
now within the due date of filling itr if not utilized fully then deposit to Capital gain a/c as specified.
and utilized within the period as above
now within the due date of filling itr if not utilized fully then deposit to Capital gain a/c as specified.
and utilized within the period as above
27 March 2010
Thankyou @ Ashok
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