29 May 2012
At present you can invest only in the residential house property because the time limit for investing in bonds is 6 months from the date of sale.
You have to invest Rs. 1,81,000 in a residential house property on or before 31st July, 2012. If you are unable to invest the same by that date then you have to deposit the amount in a capital gain account with a scheduled bank on or before 31st July, 2012.
29 May 2012
for how many days i have to deposit this amount in schedule bank & how to deposit? & can i get any certificate from bank? & which bank provide this facility?
29 May 2012
1) the amount received after selling the plot which is rs.181000/-iam giving to my brother and he invest in another plot so can i get its benefit
2)before selling this plot i was purchase a plot at rs.141000/- in feb-mar-2010 can i get its benefit? pl.explain ......thnks
29 May 2012
The plot should be in the name of the assessee.
The plot purchased for Rs. 1,41,000 is eligible for exemption. However you will have to complete construction on such plot within 3 years.
Exemption will be 1,41,000*15,486/1,81,000
= Rs. 12,064
If you invest the balance Rs. 40,000 in a capital gain account, then whole capital gain shall be exempt, otherwise Rs. 3,422 shall be taxable as long term capital gain.
29 May 2012
You cannot withdraw this amount except for the purpose of investing in the residential property. You can withdraw it anytime for making payments to the contractor.
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