Capital Gains Tax

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  1. B S Prakash

    B S Prakash New Member

    Once we open a Capital Gains Account, and deposit the proceeds from a property sale, if the money deposited is not used for any other property transaction within the limit of 3 years i.e. the maximum period allowed, then what happens? Is it the time when the Capital Gains Tax becomes payable? How is it calculated?

    Can you open a CGA in one city (city of residence) and deposit cash and draft to it in another city (city of transaction)?
     
  2. ZED

    ZED Well-Known Member

    After expiry of 3 years, the amount of capital gain which was exempted would now be taxed.

    No issues.
     
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