Gaurav Kapadia 23 July 2022

Capital gain tax in property

Team,

I am from Mumbai. I sold out my residential property in March-22 last FY 2021-22, stamp duty and registration done of buyer in this month only. I am planning to buy new residential property in withinh next 2 months, mostly till September as property identified. My query is am I eligible for capital gain tax as I sold my old property in March-22? My tax advisor said I have to buy new property and get stamp duty registration done befor 31st July ITR filing date, if I failed to do so, I am liable for capital gain tax. Kindly help me to resolve this query as I am confused. Thanks in advance.

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2 Replies

Dr J C Vashista (Advocate) 25 July 2022

Yes, you will not be charged with capital gains if you purchase a property / are eligible to claim it if already paid.

Gaurav Kapadia 26 July 2022

Sir, my tax advisor says to open capital gain account befor 31st July ITR filing date and deposit the profit amount in the same. And it will utilise against new property purchase. My query, is it mandatory to open capital gain account before 31st July ITR filing date? What If I am not open the same?