CAPITAL GAIN
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2010
AS WE KNOW THAT AS PER THE PROVISION OF THE IT ACT IF THERE IS LONG TERM CAPITAL GAIN ON THE SALE OF ASSETS AND IF THE GAIN AMOUNT IS DEPOSITED IN THE CAPITAL GAIN DEPOSIT SCHEME BEFORE THE RETURN FILING DATE THERE IS THE EXEMPTION. NOW IT IS ALSO KNOWN THAT ANY AMOUNT OF THE DEPOSIT REMAINED UNUTILISED AFTER THE EXPIRY OF THE SPECIFIED PERIOD IT IS SUBJECT TO CAPITAL GAIN.
NOW MY QUESTION IS:---
SUPPOSE ON THE SALE OF HOUSE I HAD A LTCG OF RS 2 CRORE AND SAME IS DEPOSITED IN THE CAPITAL GAIN DEPOSITED SCHEME ON 31ST JULY 2009. I GOT THE EXEMPTION AS PER IT RULES. NOW ON 01ST AUGUST 2009 I CLOSE THE CAPITAL GAIN DEPOSIT ACCOUNT AND THE FULL AMOUNT IS DEPOSITED TO MY SAVINGS ACCOUNT WITH THE INTENTION FOR NOT UTILISING AS PER THE ACT. NOW MY QUESTION IS AS I HAD CLOSED THE ACCOUNT JUST NEXT DAY OF DEPOSIT MADE AND ALSO CLAIMED THE EXMEPTION, WHEN SUCH THE AMOUNT OF CG OF RS 2CRORES IS TAXABLE?
A) AFTER THE EXPIRY OF 3 YEARS AS PER THE IT ACT
B)IN THE F.Y. 2009-10 AS THE ACCOUNT IS CLOSED AND I HAVE NO INTENTION TO CONSTRUCT OR PURCHASE ANY HOUSE
NOW MY QUESTION IS:---
SUPPOSE ON THE SALE OF HOUSE I HAD A LTCG OF RS 2 CRORE AND SAME IS DEPOSITED IN THE CAPITAL GAIN DEPOSITED SCHEME ON 31ST JULY 2009. I GOT THE EXEMPTION AS PER IT RULES. NOW ON 01ST AUGUST 2009 I CLOSE THE CAPITAL GAIN DEPOSIT ACCOUNT AND THE FULL AMOUNT IS DEPOSITED TO MY SAVINGS ACCOUNT WITH THE INTENTION FOR NOT UTILISING AS PER THE ACT. NOW MY QUESTION IS AS I HAD CLOSED THE ACCOUNT JUST NEXT DAY OF DEPOSIT MADE AND ALSO CLAIMED THE EXMEPTION, WHEN SUCH THE AMOUNT OF CG OF RS 2CRORES IS TAXABLE?
A) AFTER THE EXPIRY OF 3 YEARS AS PER THE IT ACT
B)IN THE F.Y. 2009-10 AS THE ACCOUNT IS CLOSED AND I HAVE NO INTENTION TO CONSTRUCT OR PURCHASE ANY HOUSE
18 June 2010
It will be taxbale in year in which you have closed your account.
18 June 2010
As per my knowledge-
Under this scheme of deposit in such account, amount can withdrawn after approval of Assessing office.
hence if you withdraw the amount , it will be taxable in same financial year in which your withdraw and closed your account.
Others Expert's views are solicited.
As per my knowledge-
Under this scheme of deposit in such account, amount can withdrawn after approval of Assessing office.
hence if you withdraw the amount , it will be taxable in same financial year in which your withdraw and closed your account.
Others Expert's views are solicited.
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