Capital gain scheme account
This query is : Open
17 February 2017
Hello All
I want your guidance in regards to the capital gain scheme account.
My client has deposited a amount of his capital gain on sale of property in the capital gain scheme account for 1 year for taking exemption u/s 54 on 31.7.16. and he sold the property in Feb16.
But he is not able to take other residential property within 1 year from the date of sale , can he extend time of the FD done in the capital gain scheme to another 1 yr?
What will be shown in the return for the assessment year 2017-18?
Pl advise.
Regards
I want your guidance in regards to the capital gain scheme account.
My client has deposited a amount of his capital gain on sale of property in the capital gain scheme account for 1 year for taking exemption u/s 54 on 31.7.16. and he sold the property in Feb16.
But he is not able to take other residential property within 1 year from the date of sale , can he extend time of the FD done in the capital gain scheme to another 1 yr?
What will be shown in the return for the assessment year 2017-18?
Pl advise.
Regards
17 February 2017
1. FD can be renewed.
2. FD interest has to be offered as income in asst yr.2017-18 and nothing more on this issue has to be disclosed in asst yr 2017-18.
2. FD interest has to be offered as income in asst yr.2017-18 and nothing more on this issue has to be disclosed in asst yr 2017-18.
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14 April 2017
Sir
After That what will be shown if I purchase property in lieu of sale.
Regards
After That what will be shown if I purchase property in lieu of sale.
Regards
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