i had sold a house property on aug 10,2010 and deposited the sales proceeds in capital gain account, please advice me on the tax liability of the same and by when i have to use that money to prevent capital gain tax
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Capital gain
Replies (4)
You have to utilise the amount till Aug 9, 2012 if you purchase a residential house. In case of Construction
the date of utilisation will be till Aug 09, 2013.
make sure that house means house not the residential plot...............
m agreed above
I agree with the above siggestin but also do not use the deposited amount for any other purpose or otherwise the same will again attarct tax.
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