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Capital gain tax

saurabh goyal (self employed) (103 Points)

19 June 2013

Hello Members,

I have some query regarding capital gain tax. I sold my property last year on 27th july , 2012. & that time I thought to invest the money again in buying new property to avoid capital gain taxes. Now I have changed my mind . Can I pay capital gain tax now ? I mean before 31th july , 2013?

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5 Replies

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 19 June 2013

I think you have keep those investible suplus in Cap gains A/c scheme...so as per IT provisions the unutilised Amt will be taxed after the expiry of period allowed to utilise that deposit amt...

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Ishan kewlani (Article) (172 Points)
Replied 19 June 2013

Yes you can pay on or before 31st july.

Ravi Kumar Mahaur (CA-FINAL) (202 Points)
Replied 20 June 2013

according to me u should invest this capital gain amount to CAPITAL GAIN Scheme A/c instead to pay the tax on such gain..because if ur tax liabilty is more than Rs. 10,000 than you are liable to pay tax as well as the interest amount u/s 234.

GO For TO deposit the same amount in CAPITAL GAIN SCHEME A/c.

Amber Jain (Article Assistant) (206 Points)
Replied 20 June 2013

Hello Saurabh,

As per Sec 54 of the Income Tax Act if capital gain amount must be deposited in Capital Gain Deposit A/c before the filling of return u/s 139(1) but if deposit is not made than the Capital Gain amount is taxable in the previous year.

So in your case while filling the return of F.Y. 2012-13 you can pay Capital Gain tax before the due date of filling of return i.e. 31st July, 2013.

Raju (Meger, Aquisi,Takeover) (Audit Assitant) (56 Points)
Replied 20 June 2013

you might be invested the capital tax amout in the capital gaine saving scheme account that after the expiry of the period of investment under the scheme than it is automatically comes under the taxable incomen or you have to the pay the taxes on that capital gain amount but if the tax amount increse the limit specified in section 234