Can I keep Capital gains for 3 yrs on sale of property ?

POSTED BY anoop varma ON December 28, 2013 1:01 pm ONE COMMENT

I have sold a row house which was purchased in 1987-88 in 2013-14,and purchased another flat under construction in 2013-2014 out of its proceeds wherein some payments is to be made on being given possession during 2014-15 and have to pay for its registration and getting woodwork done thereafter.

Please clarify weather I can keep the balance of sale proceeds in my accounts SB/Fixed till 3 years or do I have to calculate and pay capital gains tax in this financial year itself. Thanks and regards.

One reply on this article “Can I keep Capital gains for 3 yrs on sale of property ?”

  1. ashalanshu says:
    December 29, 2013 at 2:40 am

    Dear Anoop, please open a Capital Gain Saving Scheme account and park your money in this account. As and when you need the money, please withdraw from the CGSS account. You can not park the money in ordinary SB or FD account beyond the initial 6 month window from the date of sell of your house.

    Thanks

    Ashal

    Reply

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