I forgot to invest LTCG from sale of my residential house in 6 monthe from transfer,If i deposit the same in capital gain account in nationalised bank before due date of filling returns & keep it there for 3 years will i get tax excemption.
T T Parwani (Others) (86 Points)
06 February 2015I forgot to invest LTCG from sale of my residential house in 6 monthe from transfer,If i deposit the same in capital gain account in nationalised bank before due date of filling returns & keep it there for 3 years will i get tax excemption.
Roshan Thomas
(C.E.O )
(356 Points)
Replied 07 February 2015
You will get exemption on your long term capital gain on sale of residential property by
1. Purchase of another residential property within 2 years or completion of construction within 3 years u.s 54
2. Investing in specified bonds within 6 months of capital gain u.s 54EC (no longer available since you have exceeded the time limit)
By opening an account with your bank under Capital Gains Account Scheme - you can claim exemption for this year. The purpose of opening this account is when you are unable to invest the whole capital gain in the year of receipt itself.
So you will not get exemption just by opening a CGAS account - you will have to invest the LTCG in residential property within 3 years max
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