Assessee has sold listed long term equity shares (treated as any other asset) in FY 2022-2023 & planning to invest in CGS account as the proceeds will be used to buy a residential house in future. In FY 2023-2024, Assesee plans to sell a piece of land (treated as any other asset) & will invest the proceeds in CGS as well. The Proceeds of both the above asset will be used in FY 2024-2025 to buy a residential house.
Query 1. Can 2 CGS account can be opened in 2 different FY as above 2. Can both amounts be deposited in 1 single CGS account opened. 2. Can both the proceeds be used to buy a single residential house
23 February 2023
1. Not restricted, but advisable to use the same one. 2. Yes 3. Yes, within specified time limit & subject to conditions u/s. 54F of IT act.
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