Hi I sold a property last year in 2018. The sale deed happened on 21st June 2018. I could not invest the amount in REC bonds as I missed the 6 months window. Now I am planning to invest it in some property, Before I start the process I would like to know by when I am supposed to put the money in Capital gain account scheme to avoid the tax penalty as right now the money is lying in my normal saving account. Thanks
You need to deposit it in capital gain account scheme before the due date for filing return of income i.e. in normal scenario before 31.7.2019.
Why have you just kept it in your savings account invest it somewhere for 3-4 months and earn interest more than your savings bank.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi
You need to deposit the amount in CGDS account before due date of return filing I.e. 31st July 2019 or actual date of return filing for FY 2018-19, whichever is earlier.
Dear Sir,
Hope you are doing well !!
The amount should be deposited in capital gain account scheme before due date of filing of Income tax return.
Normally, the due date of filing Income Tax return is July 31 for the previous Financial Year. Under extraordinary circumstances, it can be extended by the Finance Ministry.
Thanks & Regards,
Payal Chhajed
Hi,
You need to deposit the same in Capital gain account scheme on or before the due date for filing income tax return.
For example, you sold the property in 2018 then you can keep capital gain in your savings account till 31st July 2019,
If you are unable to re-invest capital gains in the specified investment before furnishing the return of income and specified time limit for the investment has not expired, it is required to deposit such unutilised capital gain in the capital gains account before furnishing return of income ie before the due date for furnishing return of income. In case of individual the due date for filing ROI is 31 July post the year end.
Hi Joshinath,
As per law, since you couldn't invest in REC bonds, you should be depositing the amount in cgas the moment 6 montgs have elapsed.
As you have not done the same it is suggested to do it asap.
Regards,
Siddhant Shah.
Hi
Amount to be deposited in capital gain account scheme before due date of return filling .
Here it will be 31.july.2019.
Hope it helps
- Before 31.07.2019 but put it now to save payment of advance tax.
