Capital gain on sale of property- capital gain account
This query is : Resolved
17 March 2017
I have a query regarding the Capital Gain Account Scheme. There is provision to get exempt from capital gain tax on sale of property if you invest the amount within 2/3 years as per exemption u/s 54. I want to know what if the person does not deposit the amount in Capital Gain Account but invest the amount in property to claim expemtion after the return filing date and the person has not filed the return for that financial year. will that person still claim exemption or he has to pay the tax on capital gain?
17 March 2017
Has to pay tax if the time limit to file the return voluntarily is over.
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