Sir/Madam,
Background:
I have 2 flats in my name one purchased in 2003 at 6 L and other in 2009 at 29 L, both I want to sell to buy a single bigger flat and I want to use the entire capital and capital gains of both for that purpose. The sale date of both flats will be different, but assume that it will happen in the same financial year.
Querries
1. Can I deposit the entire sale proceedings to my existing one SB Account till I utilize it for the purpose OR till end of current financial year whichever is earlier ? Is it advisable to put the sale proceedings of each separately ? OR Capital and capital gain separately ?
2. In case of non-utilization, when am I supposed to transfer the capital gain part to Capital gain account ?? After 6 months or after the current financial year ends ?
3. What about the interest earned on Capital gain ? Is that also supposed to be put in capital gain account ?
4. Can I make my family members wife/son as joint owners in the new flat ?
5. When should I show these transaction details (happened in June 2017 or later) in IT Return filed in 2017 or 2018 ?
Thanks
Waiting for reply
Mathew
