Hello,
My query is with reference to the following quote from an article I read online
Suppose you sold equity shares worth Rs 1 crore in May 2024. The LTCG on equity shares can be taxable if the house is not bought or constructed within the specified period. To avoid paying taxes, Rs 1 crore must be deposited in the Capital Gain Account Scheme before the due date of filing ITR i.e., July 31, 2025. This will help to avoid paying taxes on LTCG on equity till the specified time period expires to purchase or construct the house.
The Economic Times article link…
(Q.1) According to this example, does it mean that the seller would have upto July 31, 2025 (15 months approximately) to buy a house WITHOUT depositing the gains in CGAS?
(Q.2) Would the same time limit apply to the LTCG from sale of a Residential Property that was done in May 2024?
Thank you.