Capital gain ac scheme, for taking exemption
This query is : Resolved
jay prakash dubey
(Querist)
24 July 2017
Dear Sir
If assesse sold residential property as on august 2016 but neither purchase any hose property nor deposited into capital gain ac scheme.
Pls advise now can assessee deposit it into capital gain ac scheme to take exemption.however 11 month and 24 days has been passed.
If assesse sold residential property as on august 2016 but neither purchase any hose property nor deposited into capital gain ac scheme.
Pls advise now can assessee deposit it into capital gain ac scheme to take exemption.however 11 month and 24 days has been passed.
K Srinivas, CMA CS
(Expert)
24 July 2017
Since thedue date of filing the tax returns is 31st July 2017, the assessee can open a Capital gains account scheme in Notified Banks even now and can avail tax exemption.
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jay prakash dubey
(Querist)
24 July 2017
Sir let me clarify whether short term capital gain arise from sale of residential property will qualify for deposit into capital gain ac scheme to take exemption.
Studentsca
(Expert)
24 July 2017
No. Exemption available for Long Term Capital Gains only.
K Srinivas, CMA CS
(Expert)
24 July 2017
Agree with Studentsca
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