Is Advance recvd reqd to be deposited in Cap Gains Account?

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  1. vinay kulkarni

    vinay kulkarni New Member

    I have received an amount in advance for signing a sale agreement(not sale deed),for sale of ancestral property.I have deposited the drafts in ordinary SB account.
    1.Fromwhich date will the time be reckoned for 3 years?(Will it be from date of cheque clearance or opening & transferring the said funds to CGA).
    2.Can I transfer these fund to a newly opened Capital Gains Account(CGA)?
    3.Will I be penalized,by IT authorities?
    Please advise.
  2. Karan Batra

    Karan Batra Well-Known Member

    The time of 3 years would be considered from the date of sale of property
  3. Karan Batra

    Karan Batra Well-Known Member

    Yes, you can transfer the funds from your Savings Account to a newly opened capital gains account
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