Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2016
if a person earns capital gain on 12-10-15 on sale of house property and does not invest the same till he files I Tax Return for AY 2016-17 on 31-7-2016. And he invest the capital gain on 01-12-2016 in house property. Then how to treat/or give effect of capital gain in I. Tax Return for A.Y. 2016-17.
Amol S Joglekar
(Expert)
08 April 2016
There is a provision in Income Tax Act that under such a situation the said person is required to open a Capital Gain Account in any of the nationalised banks and deposit the money in the said account.
While filing the ITR for assessment year 2016-17, the amount so deposited in the said capital gain account may be claimed as the exemption.
While filing the ITR for assessment year 2016-17, the amount so deposited in the said capital gain account may be claimed as the exemption.
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