I sold my residential flat vide agreement dt.02nd Jan 2012 i.e in the F.Y. 2011-12 and the entire amount received in F.Y 2011-12, similarly I purchased residential flat on 01st June 2012 i.e in F.Y 2012-13 but i fail to kept Capital gain amount in capital gain deposit scheme (CDGS) my question is
1. What will be implication for failing of keeping deposit in CDGS ?
2. Can I save tax on LTCG, where i fail to keep deposit in CDGS ?
Please advice.
You can invest the remaining Capital Gains in the Capital Gains Scheme Account before the due date of filing the Income Tax Return. So you dont have to worry you can invest the same before filing your Income Tax return.
Regards,
Devendra Kulkarni
the amount shall be deposited in the capital gain account scheme account within 6 months from the end of the previous year in which the property is sold. therefore, you have enough time to get the account opened.
Saini Pati Shah & Co LLP, Chartered Accountants
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