I sold a residential property on 17th september 2018, the capital gain is rs.50 lacs. i don't want to buy a new property in a hurry, so when at the latest do i have to transfer the money in the capital gain saving deposit if i want to buy the property later on?
Hi,
Hope you are doing well !
You can transfer the money in the capital gain saving deposit before the due date of filing your return of income.
Normally, the due date of filing Income Tax return is July 31 for the previous Financial Year.
For example, if you have sold the property on Sept, 2018 then you can keep capital gain in account till 31st July 2019.
Thanks & Regards,
Payal Chhajed
If you say you will buy property with 2 years or construct it within 3 years you can transfer the amount in capital gain saving account before filing your return of income for FY 2018-19.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi,
You can transfer the money in the capital gain saving deposit before filing your return of income for FY 2018-19.
Normally, the due date of filing Income Tax return is July 31 for the previous Financial Year. Under extraordinary circumstances, it can be extended by the Finance Ministry.
Hi,
- Generally last date to deposit in CGAS is the due date for filing of the ITR which is 31.07.2019 in your case. It is better to deposit it before 15.12.2019 i.e. third installment of payment of Advance tax otherwise you have to pay advance tax on it.
Thanks
Hi,
The money in the capital gain saving account can be deposited before the due date of filing your income tax return.
Regards,
Nikhil.
You will have to transfer the money into capital gain account on or before the return filing date for FY 2018-19 (i.e. 31 July 2019 or before filing the return for FY 2018-19)
