Querry about long term capitol gain fund.

This query is : Resolved

RAJESH KUMAR GUPTA (Querist)
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26 March 2014 Dear Sir/Madam,

I have sold my flat & registery done on 1st Feb 2014. The total value of property was 25lacs. They gave me 5lacs & on basis of that registry done. But due to delay in home loan process of purchaser, i have not received balance 20lacs which bank was suppose to provide us.

You are requested to confirm following :

1- Since i have not received the full amount, is it necessary to put full long term gain amount in capitol gain account before 31st march 2014 or 31st July 2014.

2- Can i keep long term capitol gain amount in normal saving account till not invested in other property.

Regards.

RKG

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 March 2014 if you have already transferred possession to the buyer, then the whole of consideration is taxable in FY 2013-14 (AY 2014-15). you shall have to deposit the whole of capital gains in the CGAS account before the due date of filing return ie expected to be 31 July.

no, it cannot be kept in a normal saving account unless you are in position to invest the same before the filing of tax return

RAJESH KUMAR GUPTA

RAJESH KUMAR GUPTA (Querist)
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27 March 2014 Dear Sir,

possesion has not been done yet. only registry has been done.
regards.
RKG

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 March 2014 well if you continue to be in possession of the house, you might be able to defer the tax liability to next year...however, in such a scenario, you shall have to show Rs 5 lakhs received in the current year as advance received.

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