CAPITAL GAIN

Tax queries 93 views 1 replies

PRASAD

B.COM LLB.

39 Points Joined July 2008

60,00,000/- AMOUNT OF PROPERTY SOLD WAS PUT IN CAPITAL GAIN SB A/C NOW ALMOST 1.5 YEARS OVER NOT ABLE TO CONSTRUCT OR BUY NEW PROPERTY NOW WHAT TO DO TO AVOID CAPTIAL GAIN TAX

ANY OPTION TO EXTEND THE TIME OF UTILISATION OR ANY THING ELSE IS POSSIBLE

Replies (1)

If you fail to re-invest into residential property within time permitted then you will have to pay tax on capital gain amount (which was allowed earlier as exempt) in the FY in which re-invest time limit expires.