Deposite of capital gains into CGAS Account

Hello, I have certain capital gains (eligible for us 54f), out of which i invested around 80% in the purchase of residential flat and paid instalments accordingly. the rest 20% i need to pay at the time of posession of flat i.e. after 1 year. for that do i need to deposite that rest 20% of capital gains into capital gains saving account scheme to claim exemption ? if yes do i need to deposite before 31st of march or before due date return filling.  

Replies (1)

To secure your tax exemption for the remaining 20% of your capital gains, you should deposit that amount into a CGAS account before you file your income tax return for the relevant financial year. You must then use those funds for your final payment upon possession within the statutory time frames (2 years for purchase or 3 years for construction).

 

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