Income tax on capital gains

1. FIRST go and stay in Home, and think about your incomplete & childish query.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

sorry

I sold a house and intended to buy another flat with the same amount - Around Rs45L. with indexing the gain could be around Rs 20L.

Is it required to open a new capital gains account or simply open a new savings account and reserve these transactions only in that account to ensure compatibility when and if any query comes to me

regards

Ramarao

PS: Foolishness is ingrained in me

1. The ENTIRE residual Capital Gains amount can be claimed as LTCG and set off against the new Flat purchase (within 2 years) and IF there is going to be any delay in using LTCG, THEN preserve the money in "Capital Gains Account" and reflect the same in your Income Tax Returns.

2. BTW, it is surprising when you say "Foolishness is ingrained in me",   more so since speficially when you define yourself as "director - marketing", which requires high & strategic IQ.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

THANKS

I am 73, bit old. forgot to add the content - only heading i had typed and clicked ok. sorry.

Reg the marketing bit, will not trouble you on that, you are too busy. 

take care. love u

regards