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Do we need to have capital gains account to deposit money?- Property Hotline
Posted
October 6, 2016
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October 6, 2016
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3:06
2:30Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I have booked a flat and paid 10% amount of around Rs 10 lakhs to the builder in April 2016. I have an existing flat which I have just sold and based on cost inflation index. I see a capital gain of around Rs 3 lakhs. Now, I have to pay the builder another 5% this October which is around Rs 5 lakhs. Can I use Rs 3 lakhs to pay the 5% of the amount so that my capital gains tax is nil? If I can, do I need to open a capital gains account and deposit the money there. Can I pay the builder from this account or can I pay through my savings account?
Answer: You can invest in the purchase of a flat and offset your long term capital gains by investing either one year before or two years after the sale of your flat. In your case you can claim the set off by investing the LTCG in October. In this case you need not open a CGAS account and you may directly pay from your savings account.
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