Dear All,
We sold a property recently which has generated some capital gains.
We are contemplating between various options available to pay / save tax on these gains.
However we are confused about the timelines for various options.
Details of the property are as follows - Would be great if someone can help us with the deadlines for each of the available option
Details
Residential property (Apartment) in Mumbai
Bought & Registered in Nov-2010
Sold in May - 2016 (very small token exchanged in March-2016 which has a mention in the sale agreement, Sale deed registered in May - 2016)
Transaction completed with all payments recieved in June - 2016.
Now the questions are
1) If we decide to pay the 20% tax on capital gains .... By what date do we need to pay the tax to the income tax dept.
2) If we decide to invest in REC/NHAI capital gains bonds .... By what date latest do we have to buy these bonds to save on tax
3) If we decide to invest in another house property .... by what date can we buy the new property (it says within 2 years ... so for us what would be the deadline)
4) If we decide to open a capital gains account with a bank (to eventually invest in a property) .... By what date does this account need to be opened.
5) The Buyer deducted 1% TDS at the time of making his payment .... In which of the above options can i claim a refund for this 1% amount.
6) Finally, does the token exchange in March-2016, push my relevant date to the previous financial/assessment year? .... The token was just 0.5% of the consideration .... The sale deed was registered in May-2016 and bulk of the payment was made then
I know these are quite a few questions ... would be great if someone could provide answers.
Searched the forum before posting .... but couldnt find a spefic thread/post detailing the timelines ... hence posted as a new thread .... If this has been answered earlier ... Please point to the thread .... Else this can serve as a good reference for others looking for similar timelines.
Thanks in anticipation !!!
CAclubindia
