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Question ID : 44333

082701

A Person has received Share from ancestral property Around 7Lacs in FA 2021-22 It has not deposited any amount in Capiital Gain account but intends to buy New Residential Property for same value within next year. Whether there will be problem if Capital gain tax is not deposited for 2021-22 and new property is purchased in 2022-23 FY

Posted by Mahesh Kumar on Jul 25, 2022

Filed Under DIRECT TAXES

Answer ID : 83545

The Assessee has to purchase the property within two years from the sale of property. But the amount must be deposited in the fixed deposit with a nationalised bank till it is used for the purpose of acquisition of the property.

Posted by CA. JHA SHANKAR KUMAR on Aug 01, 2022