Jeet Biswas
(ACMA (in Service))
(5073 Points)
Replied 13 December 2008
As u knw, the IT Act gives the transferer of a house property, a max time of 2 yrs for acquisition & 3yrs for Construction of a New H.P...
to see to it that during those years, the amount of C.G isnt invested otherwise, its mandatory to put the Capital Gains amount into a C.G.D.S with a scheduled bank within 31st March of the year of transfer. If its not done, then the same C.G will be taxable durin that A.Y....
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 13 December 2008
Thanks 4 replying Jeet. Does the Scheduled Bank provide (credit) any kind of interest for the same amount to the account. If yes then at what rate???
nishit agrawal
(proprietor )
(34 Points)
Replied 05 April 2011
respected jeet ,
you mentioned thgat it has to be deposited before 31st march in year of transfer ...my question is whether the date is 31st march or 31 july{ie last date of filing return }???
CA.Viswanadha Manohar
(Chartered Accountant)
(33 Points)
Replied 20 July 2011
Capital gain can be deposited in CGDS before the due date of filing of return i.e. July 31st/Sep 30th ( as the case may be) of the Assessment year.
amit jain
(Chartered Accountant)
(532 Points)
Replied 21 July 2011
as per the scheme if you have any capital gain and you have not invetsed the same as per other exempting sections than you can deposit the same in special bank account within 6months of the gain earned so as to claim exemtion..
the same is to be invested as per sections in the time provided to retain exemtions
PRIYA KANANI
(CHARTERED ACCOUNTANT)
(127 Points)
Replied 22 July 2011
Hiii All
I have a query, please help me.
Individual had purchased a commercial property in f.y. 1982 for Rs. 115000 and is selling it in f.y. 2011 for Rs. 20lacs.
According to this data Sec 54F should be applicable i guess? So, the tax amount will be (2000000 - 115000*785/109 )*20% and gain is 1171788
For which he has to purchase a new house property within 2years. What all are the other provisions that apply regarding this? The Individual does not want to pay any tax and also does not want to purchase new house property. Can he deposit the amount in scheme for 5 years and after that the money can be utilised for any other purpose? Can he do so?
Please help in the matter at earliest.
Thanks in advance.
Palak Sarda
(Article Assitant)
(51 Points)
Replied 24 March 2012
bank gives the normal rate of interest as if it gives in fixed deposit for that period
CAclubindia
