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
4 Replies
CA PARAS BAFNA
(Practising CA )
(33428 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
I agree with the above siggestin but also do not use the deposited amount for any other purpose or otherwise the same will again attarct tax.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
