Sec 54F - Capital Gain Scheme (CGS)
This query is : Resolved
23 February 2023
Hi,
Assessee has sold listed long term equity shares (treated as any other asset) in FY 2022-2023 & planning to invest in CGS account as the proceeds will be used to buy a residential house in future.
In FY 2023-2024, Assesee plans to sell a piece of land (treated as any other asset) & will invest the proceeds in CGS as well.
The Proceeds of both the above asset will be used in FY 2024-2025 to buy a residential house.
Query
1. Can 2 CGS account can be opened in 2 different FY as above
2. Can both amounts be deposited in 1 single CGS account opened.
2. Can both the proceeds be used to buy a single residential house
Assessee has sold listed long term equity shares (treated as any other asset) in FY 2022-2023 & planning to invest in CGS account as the proceeds will be used to buy a residential house in future.
In FY 2023-2024, Assesee plans to sell a piece of land (treated as any other asset) & will invest the proceeds in CGS as well.
The Proceeds of both the above asset will be used in FY 2024-2025 to buy a residential house.
Query
1. Can 2 CGS account can be opened in 2 different FY as above
2. Can both amounts be deposited in 1 single CGS account opened.
2. Can both the proceeds be used to buy a single residential house
23 February 2023
1. Not restricted, but advisable to use the same one.
2. Yes
3. Yes, within specified time limit & subject to conditions u/s. 54F of IT act.
2. Yes
3. Yes, within specified time limit & subject to conditions u/s. 54F of IT act.
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