Amount received after sale of property

Capital gains earned on sale of property must be invested in the investments specified under the Income Tax Act before expiry of time limit and before filing the ITR to save tax on Capital Gain.

However, if this investment has not been made before filing the ITR, the assessee can deposit the capital gains in a capital gain account with a bank under the CGAS (Capital Gains Account Scheme) and than after use that amount to invest in specified asseets within a time specified as per income tax act.

There are two types of CGAS accounts. One in the form of a savings account (Account A) and another as a term deposit (Account B). Funds can be withdrawn from CGAS account only for the purpose of purchase or construction of house. Account B can be closed at the time of maturity and proceeds are transferred to Account A. While closing Account A, the assessee is required to produce an authority letter or certificate from the Income Tax authorities. Its closure is done as per the terms mentioned in the letter or certificate.

You can refer link for more details :

https://www.google.com/amp/s/www.charteredclub.com/capital-gains-account-scheme/amp/

Thank you and for fixed deposit any certificate is required from income tax authority