Hello everyone,
This is about my wife.
a) She sold a jointly owned family property in September of 2021.
b) Since we had no use of the money and did not want to buy a house, we deposited it in capital gains account scheme of a PSU bank in July 2022.
c) As per my understanding, we can only keep money in the capital gains account scheme for 3 years from the selling of property.
d) What is our option? As year end of July 2024 filing is nearby.
e) Can we buy a property now? or should we ignore? If we withdraw the money will we have to pay capital gains tax now?
f) or now we would be forced to buy a property to use the capital gains?
g) can we buy under construction or ready to move?
h) if we buy, how long to keep? Can we exit after one year or is there some rule? or again keep for 3 years?
Thank you
Amit
CAclubindia
