Capital gain fund
santha
(Querist) 25 February 2016
This query is : Resolved
sir, I got my capital gain fund by selling my ancestor property on 19th of feb 2014.I am supposed to buy a property with that amount before 19th feb 2016
--2 year period-which I had missed .now is it possible to buy a plot and construct or else I SHOULD have bought the plot in that 2 year period itself and only constrction period is 1 year after the purchase of the plot is permitted.
now my concern is whether I can buy even after 2years I.E IN MARCH 2016 and finish building at the end of feb 17th 2017-TO AVOID PAYING TAX FOR THE C GAIN FUND PLEASE ADVICE ME WHAT TO DO--THANKS
Anirudh
(Expert) 25 February 2016
You can either purchase or you can construct. If you purchase, it should be within two years from the date of transfer of the old asset. IF you have to construct, then it should be within three years from the date of transfer of the old asset.
So long as you complete the construction within 3 years, it is immaterial when you buy the plot. You can buy the plot just one day before end of 3 years, and complete the construction on the LAST DAY, if possible!
Rajendra K Goyal
(Expert) 25 February 2016
Discuss in detail with local tax consultant.
BAALASUBRAMANNYAMM
(Expert) 26 February 2016
Mr. Anirudh has clearly opined. I Agree with him.
santha
(Querist) 28 February 2016
thanks a lot sir.
your expert opinion was useful to us
thanks once again
santha
