On selling the House Property there is a Capital Gain of say Rs. 40 lakhs. The property was sold on 24.03.2021.The IT returns or the Assessment Year is to be filed before 30.09.2021.
The Assessee has opened Capital Gain Account on 28.06.2021 under FD for 3months (cumulative) - that is within 6 months from the date of selling the House property. The questions are:
1) Whether the above said FD under Capital Gains Account has to be utilised ONLY for purchasing a New Property within two years OR
2) Whether the above said FD can be invested in specified Govt BONDs such as a) REC Limited, b)National Highways Authority of India c) Indian Railway Finance Corporation within 6 months from the date of selling the property. The specific question here is - whether the amount deposited under Capital Gain a/c can be utilised for investing in the above said bonds.