Hi CA Team
I have long term capital gain from shares in Jan 2022 and need following guidance
1. Do I need to open any wealth account to keep this long term capital gain or it can be kept in my Salaried account.
2. If I want to set off this long term capital gain against buying residential property , then what would be maximum time period in which I am supposed to invest the capital gain to take the exemption of long term capital gain was happened in Jan 2022.
3. Additionally when I will be filing the ITR for 2021-2022 financial year, where I need to show this long term capital gain so that tax will not be applicable when o will purchase the property in defined time limit.
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Long term capital gain from shares
Replies (2)
Quick Summary
1. You can kept in salary account
2. Within 2 year
3. Shiw it in capital gain schedule and exemption u/s 54F
2. Within 2 year
3. Shiw it in capital gain schedule and exemption u/s 54F
1. either you need to purchase or construct any residential house property or you need to deposit the entire net sale consideration in CGAS account
2.with in 2 years you need to purchase a residential house property or within 3 years you have to construct a residential house property from the date of sale of original asset that is shares
3. you need to fill the details of amount deposited in CGAS account or investment made in residential house property on Cg schedule
2.with in 2 years you need to purchase a residential house property or within 3 years you have to construct a residential house property from the date of sale of original asset that is shares
3. you need to fill the details of amount deposited in CGAS account or investment made in residential house property on Cg schedule
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