capital gain

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Romil Patel (Querist)

03 June 2011 suppose i sell my land in march-2008.i made registration (dastavage) on 25-3-2008. i am made fixed deposit under capital gain 0n 24-9-2008. amount is debited from my bank account on 25-9-2008. fixed deposit receipt show date 27-9-2008.am i taxable for capital gain? please suggest me.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

03 June 2011 You have earned Capital Gain in the Financial year 2007-08. You was not able to utilise the sale proceeds for purchase of House Property before the filing of return therefore you deposited the amount to Capital Gain A/c .

As per section 54F of the It Act the unutilised amount must be deposited before the due date of filing of the Return. I think in the Financial Year 2007-08, due date for filing of the return was June 2008. If it is true you will not get the benefit for depositing amount to Capital Gain A/c as you deposited amount on 25.09.08.

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