Utilization of sales proceed
This query is : Resolved
02 November 2019
i have sold my old flat in west bengal in Sept19, investing the sales proceed into new project at maharashtra to take relief from long term capital gain. But my query is 1. The new flat iam acquiring is double the cost i received as selling old flat, the rest amount is from my personnel saving. will I get Income tax relief for current year 19-20.
Second query 2: Since the builder is taking money in phased manner. Can i invest the un utilized amount in short term funds/fds as it is lying in saving account. Does IT rules permit such. Please advice.
Second query 2: Since the builder is taking money in phased manner. Can i invest the un utilized amount in short term funds/fds as it is lying in saving account. Does IT rules permit such. Please advice.
CA R SEETHARAMAN
(Expert)
02 November 2019
1 Yes you will get relief in current year.
2 Deposit unutilized capital gains in capital gains deposit scheme before due date of filing return.
2 Deposit unutilized capital gains in capital gains deposit scheme before due date of filing return.
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