LIVE Online Course on NDPS by Riva Pocha and Adv. Taraq Sayed. Starting from 24th May. Register Now!!
LAW Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Capital gain surplus funds

(Querist) 13 September 2017 This query is : Resolved 
I had a flat. I sold that property and transfered all the sale amount to a new capital gain account ( instead of just a capital gain amount ) .

Later I invested in another property within 3 years and paid all the amount from this capital gain account. After paying all the amount for the investment I did, i have some surplus amount. Can you please advise on if I can use this surplus for renovation/ furnishing new flat? Can I make a payment to individual/ contractor from this account Or can I withdraw some amount as a cash also?

Would appreciate your response.

Thank you
Rajendra K Goyal (Expert) 13 September 2017
You have invested the capital gains as per IT requirement.

However, regarding accounting in line with the income tax requirements need to be guided by your tax consultant / CA
Guest (Expert) 13 September 2017
Mr.RK Goyal basing on your insulting replies to various Querists posting as Anonymous why dont you post your profile before insulting them please
Ms.Usha Kapoor (Expert) 14 September 2017
You did the right thing by investing the entire amount in capital gain account scheme of nationalized bank for 3 years.under section 54 of IT Act. 1961. The surplus amount you can use in renovation or furnishing of new flat to save on Long time Capital Gains Tax. You can claim deduction on your tax liability on such miscellaneous expenses of the new flat.
Adv. Yogen Kakade (Expert) 14 September 2017
I agree with Ushaji.. ...
Ms.Usha Kapoor (Expert) 14 September 2017
Thanks for agreeing with me Mr.Yogen Kakade Ji.
Rajendra K Goyal (Expert) 14 September 2017
Some experts are in the habit of giving lectures having vested interests rather to advice in positive way / contribute for the query.

Their single moto is to close this forum.

Probably they may not succeed.
Rajendra K Goyal (Expert) 14 September 2017
Let the administrator decide and point if the reply is insulting would not hesitate to feel sorry if pointed, do not try to be self styled master on unrelated matter.
Guest (Expert) 14 September 2017
Mr RK Goyal Justification would be better than exposing the irritation

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Post a Suggestion for LCI Team
Post a Legal Query