Capital gain in normal savings a/c
joydeep chatterjee
(Querist) 20 December 2011
This query is : Resolved
SIR,
IN THIS DECEMBER I HAVE SOLD MY GROUND FLOOR AND RECEIVED THE SALE PROCEEDS.NOW I WANT TO UTILIZE THE WHOLE AMOUNT FOR PURCHASING A NEW FLAT.I KNOW FOR THAT PURPOSE I CAN OPEN A CAPITAL GAIN A/C AND DEPOSIT THE MONEY.BUT IF I KEEP THE AMOUNT IN MY NORMAL SAVINGS A/C BUT FOR THE PURPOSE OF BUYING THE FLAT. WILL I BE TAXED FOR CAPITAL GAIN?IF NOT FOR HOW MANY DAYS I CAN KEEP THE AMOUNT IN MY NORMAL SAVINGS A/C?IF I HAVE TO OPEN CAPITAL GAIN SAVINGS A/C,CAN I ISSUE CHEQUE TO THE DEVELOPER FROM THIS A/C? THIS IS ALSO TO INFORM YOU THAT, MY MOTHER AND BROTHER GAVE ME THEIR SALE PROCEEDS THROUGH TWO SEPARATE GIFT DEEDS.NOW THESE GIFTED AMOUNT WILL BE TAXED OR NOT?
THANK YOU
Raj Kumar Makkad
(Expert) 20 December 2011
You can utilize this amount for 3 years from the date of sale. Capital gain depends upon your date of purchase of present property under sale, its cost price for you and present date of registration of sale deed and sale proceeds.
prabhakar singh
(Expert) 21 December 2011
CGT is not calculated on the basis of days.
soumitra basu
(Expert) 21 December 2011
You have to invest the capital gain in purchasing of residential house property within 31st March, 2014. Otherwise you have to pay capital gain tax.
You need not have to pay any tax on the gifts received by you from your brother and mother.
