LTCG - HOUSE PROPERTY
This query is : Resolved
30 May 2021
I AM GOING TO SELL MY PRESENT HOUSE PROPERTY VERY SOON. I WILL ALSO BUY A NEW HOUSE PROPERTY SOON SAY WITHIN THREE MONTHS TIME.
SHOULD I KEEP PURCHASE CONSIDERATION RECEIVED FROM OLD PROPERTY IN MY PRESENT BANK ACCOUNT OR I NEED TO OPEN A NEW SEPARATE BANK ACCOUNT FOR THIS PURPOSE.
I NEED TO SAVE MY LTCG U/S 54.
WHAT SHOULD I DO! PLEASE ADVISE ME.
SHOULD I KEEP PURCHASE CONSIDERATION RECEIVED FROM OLD PROPERTY IN MY PRESENT BANK ACCOUNT OR I NEED TO OPEN A NEW SEPARATE BANK ACCOUNT FOR THIS PURPOSE.
I NEED TO SAVE MY LTCG U/S 54.
WHAT SHOULD I DO! PLEASE ADVISE ME.
30 May 2021
Keep it in present bank account in view of new house purchase in 3 months.
Message likes :
1 times
31 May 2021
No need to open a separate account. You have time to buy/construct the new house within 2/3 years respectively. However, if investment is not made within the due date of filing ITR then such gains have to be deposited in a capital gain deposit account. In this case, since the sale is being made during this FY, time limit to invest would be before due date of ITR for FY21-22 (next year).
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
