i had sold a house property on aug 10,2010 and deposited the sales proceeds in capital gain account, please advice me on the tax liability of the same and by when i have to use that money to prevent capital gain tax
manik (ca in practice) (420 Points)
08 November 2011i had sold a house property on aug 10,2010 and deposited the sales proceeds in capital gain account, please advice me on the tax liability of the same and by when i have to use that money to prevent capital gain tax
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 08 November 2011
You have to utilise the amount till Aug 9, 2012 if you purchase a residential house. In case of Construction
the date of utilisation will be till Aug 09, 2013.
CA Mukul Mittal
(CA in practice)
(384 Points)
Replied 09 November 2011
make sure that house means house not the residential plot...............
Kashif Mulla
(CA Final Student)
(38 Points)
Replied 09 November 2011
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
