If you've sold property and have a long-term capital gain, you can claim exemption under Section 54 by investing in a Capital Gain Account Scheme (CGAS) if you haven't yet purchased a new home. This guide explains how to declare your CGAS investment in your Income Tax Return (ITR), including details about the account and the amount invested, to claim the deduction.
31 July 2024
Mr X has sold property in FY 2023-24 and long term capital gain is there. He wants to claim exemption u/s 54 but amount till date not invested in any property ...he wants to invest in CAPITAL GAIN ACCOUNT SCHEME for the time being to purchase the home later. Then how to show it in ITR and under which section?