Sale of land for capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2016
Dear Sir,
One of my friend sold a piece of land in august 2016(purchased in 2011). But keep cash amount Rs. 6 lac at home to purchase another piece of land but not able to finalized deal. Now. question is
1) can he deposit that amount in saving account or need to open capital gain account?
2) is their any penalty clause regarding keep cash at home?
3) what will be tax treatment for above said amount?
please suggest
regards
One of my friend sold a piece of land in august 2016(purchased in 2011). But keep cash amount Rs. 6 lac at home to purchase another piece of land but not able to finalized deal. Now. question is
1) can he deposit that amount in saving account or need to open capital gain account?
2) is their any penalty clause regarding keep cash at home?
3) what will be tax treatment for above said amount?
please suggest
regards
19 November 2016
Deposit it in the CGAS.
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 November 2016
deposit in saving account possible. and how will implement cgas tax please with example
04 November 2021
Unless he make investment in said instruments before filing his return, he should park the amount in CGAS, 1988 scheme, to save his LTCG tax liability.
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