Sec 54 capital gain

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Abhishek (Querist)
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17 December 2013 Q1. I sold my house in dec. 2011 till what time I need to get another house???
Q2. Can i buy a plot instead of house for the amount deposited in bank under capital gain scheme?
Q3. Can i buy a flat and give it on rent??
Q4. Is there any requirement of informing income tax dept about when and how i used the money kept in my capital gain account??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 December 2013 1. You have 2 years to purchase or 3 years to construct a house

2. just buying a plot is not sufficient. you need to construct a habitable house on it.

3. yes you can buy the house and give it on rent

4. if you are filing your return and have not utilized the capital gains till the return filing date, then you need to deposit the money in Capital gains account. If your case is picked up for scrutiny, you shall be required to submit the proof.

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