Combining CG for two financial years or open two CG accounts

1. BBMP acquired my site and compensation was paid less TDS in April 2014. The amount received was deposited into SBM CGAS account in July 2015.
2.  I sold unlisted shares and was paid in April 2015.  Purchased REC bonds 50L.  Balance amount is not yet deposited in CGAS.
Q1.  Should I combine both capital gains?
Q2.  Can I open TWO CGAS accounts for the two different capital gains.
Q3.  I already own a house.  I qualify for one more residence as per CG.  However, since I have two CG instances, can I purchase two properties since its in two different FY?
Q4.  Since my CGAS account opened in 2014.  And I have additional money to deposit in 2015, will the time period extend from 3 to 4 years?  If not, will opening a different CGAS account help?  Is this the right approach?
Asked 5 months ago in Capital Gains Tax from Bangalore, Karnataka
First you can purchase only one house with one Capital gains . You cannot club 2 CG and invest in one property.

With regards to the capital gains from sale of shares, the tax implications would depend on the period of holding of shares from date of acquisition. The period of holding for unlisted shares to qualify as long-term asset has been increased from 12 months to 36 months.The LTCG could be claimed as exempt from tax by investing in prescribed investment avenues, i.e., residential apartment or specified bonds, subject to the fulfilment of conditions specified under the domestic tax law.

In the present case you can choose which CG you will invest in residential property or CG. As on one CG you shall pay tax.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
Dear Sir,

1. You cannot combine 2 CG.

2. Opening 2 CGAS will not help you in your case.

3. You cannot purchase 2 properties, you can purchase 1 property out of any one of the Capital Gain, considering which one is making you pay higher tax.

4. No neither the time period will extend nor opening 2 account will help in your case.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
Dear Sir,

If you have not yet utilised the First CGAS then you can withdraw money from the same and pay the respective taxes. Post which you can open a new CGAS for the new Capital Gain and utilise the same.

All of this should be done before 31st July 2016.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
You need to have a separate CGAS.

Yes you need to close the first CGAS and pay tax on that. The second one can be utilised for investment.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
I think the question has been answered by my other professional colleagues 
Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
  Talk to Abhishek Dugar

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