Amount to be deposited in capital gain account

Rs. 12 lacs to be deposited in CGAS.

Hi,

Please let me know if the house property which you sold was only a land or a FLAT/ HOUSE etc. Also the house property which you are buying should be a FALT/HOUSE.

If the property which you sold was a flat/house, then you need to put only 12 lacs in CGDS account and you have to buy another property within 2 years from the date of sale. If you wish to construct a property, then construction should be completed within 3 years from the date of sale.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hi,

Assuming you have purchased the property in FY 2010-11 for Rs 65 lakhs

Indexed cost of Acquisition taking CII of AY 2018-19 = 65*272/148 = Rs 119.46 Lakhs

So it is a case of Capital Loss, As you have sold it for Rs 96 Lakhs.

There is no need to park the money in Capital gain account scheme.

Entire proceeds for claiming exemption under section 54F for residential property.

Hi,

Based on the indexation, there will be a capital loss if you sell the property at 96 lakhs so there is no need for you to depoait any money in the capital gains account.

Hope that clarifies.

Regards,

Nikhil.

You have to deposit capital gain amount only.

you have to deposit only 12 lakhs in CGAS to save tax, but you have to purchase with in 2 year or construct with in 3 year new residential property other wise 12 lakhs become taxable and you have to pay tax.