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Capital gain
sold residential house property on 12/02/2018 and deposited the capital gain amt in capital gain account scheme and did not utilised the amount neither for purchase of property or construction of property .in whuch year the amt deposited in cgas will be taxable nd what is the expiry period 2 yrs or 3 yrs
Replies (4)
As per Sec 54, If amount is deposited in CG deposit scheme, it should be used for
1. PURCHASE of residential property within 2 yrs from the date of transfer i.e before 12.02.2020 or
2. CONSTRUCTION of residential property within 3 yrs from date of transfer i.e before 12.02.2021
In case if such amount is not used, maximum u can postpone or avoid tax for 3 years. It must be taxable in 3rd year. Here in ur case 3 years from 12.02.2018 will be completed on 12/02/2021. So it will be taxable in FY 2020-21 or AY 21-22
1. PURCHASE of residential property within 2 yrs from the date of transfer i.e before 12.02.2020 or
2. CONSTRUCTION of residential property within 3 yrs from date of transfer i.e before 12.02.2021
In case if such amount is not used, maximum u can postpone or avoid tax for 3 years. It must be taxable in 3rd year. Here in ur case 3 years from 12.02.2018 will be completed on 12/02/2021. So it will be taxable in FY 2020-21 or AY 21-22
Agree with Naveen
Ok thanku
Right. it will be taxable in the FY in which period of 3 years expire.
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