Maheshwari L.T. (REAL ESTATE) 02 April 2011
Sold land on 9th April,09. Invested proceeds on 7th Oct.09 in SBI Capital Gains Term Deposit, maturing on 7th April,2011. To save capital gains tax, can I invest now in Capital Gains Tax Savings fixed tenure Infra Bonds or have to purchase a house only for the same? What time is available to me and are there any other options also? Will appreciate urgent reply. REGARDS. Maheshwari
A V Vishal (Advocate) 02 April 2011
There are no options since you have to acquire a house within 2 years or construct a house within 3 yrs of the sale. As both options are exhausted you need to pay tax on the Capital gains.
M.V.GIRI (ADVOCATE & TAX CONSULTANT) 03 April 2011
one option is available as still one more year to construct your house and claim the capital gain tax exemption
Rahul (patner) 21 May 2011
prakash sahay (advocate) 14 June 2011
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