I sold my land and with that money I am presently constructing a house in my new land.
I will have to spend more amount on the new house.
Should i put the amount i got from the sale in a capital gain account and use the funds from that account to construct the house.
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Capital gains used for house construction
Replies (6)
Quick Summary
Yes use the capital gain amount in constructing house
You are correct, you may deposit the sell amount in the CGAS account and as and when required can spent it from that account. By this way, you will be able to save the LTCG u/s. 54F from the land sold.
Either deposit in Capital gain account scheme or in any other house property. 54EC BONDS
Within how many months soon after selling property should i put the money in capital gain account?
I already started construction within a month of selling property.
I already started construction within a month of selling property.
The amount should be used up or deposited to CGAS account before filing relevant ITR
Yes, you should consider putting the amount you received from selling your land into a capital gain account. This account can help you defer taxes on the capital gains. You can then use the funds from that account to construct your new house.
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