I have a query on capital gains to be used in purchasing an apartment whose posession might be delayed . after selling a property we need to purchase a house in 2 years or build a new one in 3 years to save long term capital gains tax
I sold my house in apr 2017 and put the money in CGAS.. Which means i have time till apr 2019
I am looking to invest the money in a society apartment which i will get only in late 2019 . It’s running delayed . But i will be spending the entire capital gains in downpayment of that house before april 2019. So mathematically, i have invested the capital gains within the 2 years, But will get possession of the house after April 2019. Is this case a valid investment of capital gains.
CAclubindia
