Deposit of money received on sale of property.

Hi,

I request someone to advise me on this.

regards

Mohanan

First of all i assume that both Residential house are long term capital assets(ie u have purchassed it before 3 year of your sales date). Now for Calaiming Deudition U/S 54 the Condition are as under

1 Assesse Should Be individual/ HUF

2 He Transferred Long term capital Assets which is Residential House

Now Assesse can Purchase a new residential house one year before or two years after the date on which the transfer took place or he has constructed within a period of three years after that date of transferred.

The amount of the capital gain which is not utilized by the assessee towards the purchase of the new asset , or which is not utilised by him for construction of the new asset before the date of furnishing the return of income under Section 139 ( In your case 31 July 2016), shall be deposited by him before furnishing such return  in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette,

Ttarget='_blank' rel='nofollow' hrefore in your cases either u should investe whole of your capital gain from both of property for thre purpose of consturcion, or capital gain can not be utilized before 31 july 2016 it should be deposited in bank in a special  capital gain account.