vijayakumar (proprietor) (172 Points)
28 July 2023I have sold a small piece of plot < had a capital gain of 50 lac- this year. Can I keep this as a deposit in any bank & want o open a new account? BUT NOT TERM IT AS A CAPITAL GAIN ACCOUNT. i will not use this amount & will buy another flat within a year. Is this ok ? is it compulsory to open a capital gain account only? Pl guide. Thank u for sparring your time.
vijayakumar
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 28 July 2023
If you want to get exemption u/s. 54F IT act, you have to deposit the required amount in CGAS, 1988 acc ON OR BEFORE FILING RELEVANT ITR.
sabyasachi mukherjee
(26235 Points)
Replied 02 August 2023
vijayakumar
(proprietor)
(172 Points)
Replied 03 August 2023
Yes sir. I want use the entire amount including its interest. My point is -interest is shown , appropriated for tax. I will pay capital gain tax to the extent of gain. if i partly use, i will pay tax for the balance. All these will be declared in the coloums.
Is this ok sir .capital account in bank has many hassle, difficult to draw back. This only makes weary.
Thank u for your time.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 03 August 2023
Yes, you should have completed the process till 31.07.2023. If not, pay tax over the balance amount in belated return.
sabyasachi mukherjee
(26235 Points)
Replied 04 August 2023
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 04 August 2023
CAclubindia
