Can I keep property sale receipts in savings account

[samkapoor77]

I have sold old house which was purchased in 1992-93. From the sale proceeds I have paid some money for new flat which is under construction. Balance payment will be made in 2 installments in next 2 years. Till that time, I have deposited the remaining amount from sale proceeds in SBI’s savings account. Can I keep this money in my account?

[Sameer Kapoor]

You cannot keep this amount in normal savings bank account for more than 6 months of the date of sale. Open a Capital Gain Saving Scheme account and deposit the money there. Money will be withdrawable on demand.

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