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Capital gains on sale of residential house property

mona (Direct Tax) (136 Points)

24 March 2019

In case I have sold residential house I can still invest the taxable capital gains for purchase of bonds u/s 54 ec within a period of 6 months of the date of transfer and avoid capital gains tax

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5 Replies

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 24 March 2019

Yes you are right. Long term capital gain exempt if you invest in new house or purchase bond specified under section 54EC, or you may also deposit under capital gain deposit account scheme. may call me - CA umesh kumar- 9717597230

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mona (Direct Tax) (136 Points)
Replied 24 March 2019

thanks umesh. wat in case if bonds are not available within a period of 6 months form that date of sale of residential house

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 24 March 2019

Bonds are usually available. If not then you have option to deposit it in Capital Gain account scheme and use the same to purchase new residential property within 2 yrs / 3yrs in case of construction.