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

ABHIMANYU JHAMBA

ABHIMANYU JHAMBA (Expert)
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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

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.