Deposit in Capital Gains Account if invested before 31 July

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  1. Vjn

    Vjn New Member

    If a house is sold in jul 2014 and a house is bought in the same month(after a week),
    1) how should the capital gains and losses be shown while filing the tax?
    2) Since the financial year of transaction is 2014-15 should it be filed in July 2014 which being the nearest filing date from the transaction or can I wait till July 2015 that is the filing date for the 2014-15 transactions?
    3) Since both transactions happen in the month of Jul with a gap of 1 week, should I still move the sale proceeds to capital gains account before I purchase in Jul?
    Last edited: Jun 16, 2014
  2. Vjn

    Vjn New Member

    Can someone please reply? I am waiting.
  3. Karan Batra

    Karan Batra Well-Known Member

    Dear @Vjn

    1. The due date of filing return for Financial Year 2014-15 is 31st July 2015. So this transaction would be reflected in the next Income Tax Return.
    2. If you purchase a Residential Property before 31st July 2015, you are not required to transfer the amount in Capital Gains Account Scheme. In your case, you have already purchased a property before 31st July 2015, and therefore you wont be required to transfer the amount in capital gains account scheme.

    Feel free to ask in case of any other query.
    Vjn likes this.
  4. Vjn

    Vjn New Member

    Someone confused me saying it should be the nearest filing date. Jul 31st 2014 being the nearest one if transaction is in Jul 2014. So wanted to double check.

    Thanks a lot. You are superb Karan. Appreciate your help.
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