Do I have to deposit Capital Gains or Total Amount in Bank?

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  1. deepak karwal

    deepak karwal New Member

    i have purcashe a residentail appartment on 2006 year through flexi payment in faridabad n
    sold on april 2014 for rs. 40 lacs in chq.
    n my profit is only 16.50 lacs in 7 years.

    my capital gain is only 16.50 lacs

    n i search new property but didnt found yet. now the financial year is going to end
    shall i deposit my entire amount or only profit amount i.e. 16.50 lacs to capital gain account in bank.

    pls relpy sir early as possible.
    deepak karwal ( indiviadual tax payer)
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As you have sold a residential house property, therefore you can claim exemption under section 54.

    Under section 54, you only have to reinvest the capital gains and not the whole amount. Therefore, only the capital gains are required to be deposited in the capital gains account scheme.
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