nitin (partner) (73 Points)
22 July 2022Hello everyone
I sold a flat in March 2022 with capital gains of 75 Lakhs. To avail tax exemption this amount I paid as advance for an under construction flat which will be ready by December 2024 and got receipt from the builder. I was holding only one flat which I sold. Sale agreement will be done at the time of possession. I needed to know for I.T purpose the builder receipt will be sufficient as agreement will be made not before December 2024.
Thank you.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 22 July 2022
You will need to deposit the balance capital gain in Capital gains savings account of any scheduled bank. For withdrawal of the amount (for payment to the builder) you will need documentary evidence, so check the same with bank where you wish to open the account and decide.
CAclubindia
