is it absolutely necessary to keep the gain amount in GAIN ACCOUNT ONLY

I have sold a site for Rs.40 lakhs about 15 days back and is in the process of buying the flat in about one month time(definitely). I have kept this 40 lakhs in FD ( as i did not know about the capital gain account). Will there be any complications from IT dept. later ?

asked Apr 28 '12 at 16:01 by shanthakumar 122

If you have sold site in financial year 2012-13, then there is no need to open capital gain scheme account now. It can be opened any day before 31st July 2013 (last date of income tax return filing), that too when possession of new flat is not taken before that day.

answered May 01 '12 at 10:34 by Pankaj Batra 5.2k320

1) i have sold the site for 40 lakhs and is buying a flat at 50 lakhs. Is there is any way i can show the extra 10 lakhs of earning for IT authorities. I am worried to show this amount as white only. can i say that about 5 lakh is given by my wife - as she had personal money and the rest can be from my friends - issued thorugh cheque to my account. I can manage this . 2) When i have to register the new flat, can I register the same in my wife's name and pay this Rs.40 lakh towards the flat buying.? . The site that i sold was in my name. Dr.Shanthakumar Mysore 99986059109
(May 01 '12 at 13:13) shanthakumar
There won't be much issues if you buy flat for 50 lakh (40 lakh from site sale consideration and 10 lakh from your own sources). New flat should be your name to avoid income tax on long term gains u/s 54/54F.
(May 01 '12 at 14:12) Pankaj Batra

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Asked: Apr 28 '12 at 16:01

Seen: 1,431 times

Last updated: May 01 '12 at 14:12