The indexed cost of my flat as on 31/3/2020 is Rs.72 Lac The sale amount of the flat is Rs.230 Lac The buyer has paid me Rs.25 Lac till date The remaining payment will be completed by 31/05/2020 as per MoU The amount above Rs.70 Lac will be kept in a long term Capital Gain A/c with a Nationalised bank and will be used for purchase of a new flat. Can I invest an amount up to Rs.15 Lac immediately in any FD/Pension scheme?
Yes you can and since your sale is getting complete in FY 2020-21 you can use the funds as you want till filing your return of income.
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Thank you
Hello,
You are free to use your money from the sale receipts of the flat. Since you would be option for exemption u/s. 54, for investment in house property within specified period, you have time till the due date of filing of return to deposit the capital gain amount in the Capital Gain A/c.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hi
I assume the registration shall take place in post 31.3.20.
This capital gains shall be taxable in the FY 20-21.
You will have to deposit the capital gain before due date for return filing for FY 20-21 i.e. 31.7.21 or actual date of return filing, whichever is earlier, if they have not been invested till that date.
Before that time, you can utilize the funds anywhere.
Hi,
Capital Gain arises in the year when the sale is completed. As per the facts mentioned, the sale is likely to be completed in FY 2020-21. So, you have time till the due date of IT Returns i.e 31-Jul-2021 to invest the amount in Buying or constructing the amount. You are free to Open a short-term FD or do any legal investments using the money, provided you have enough money to deposit in the Capital Gain Account Scheme by the due date
Dear Sir,
hope you are doing well !!
Yes, you can invest an amount up to Rs.15 Lac immediately in any FD/Pension scheme.
It is required to deposit such unutilised capital gain in the capital gains account before furnishing return of income but not beyond due date for furnishing return of income.
