I sold a land 2 months back and planning to buy a flat in an apartment. Is it necessary that I should deposit in capital gains till then? I checked in a Bank and they told they never opened this account n need to check with their head office. They were very much surprised with my idea of capital gains. please advise me
Yes in order to acquire the Tax exemption on capital gains you need to reinvest that amount in any other immovable property with in 2 years of gaining it.
Until that time that amount must be deposited in a 'Capital Gains Deposit Scheme Account' in any of the public sector banks and should be shown in the IT returns.
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