Capital Gains
This query is : Resolved
12 September 2010
Hi Sirs,
HAPPY GANESH CHATURTHI TO ALL
My brother has sold his flat in march 2010 for Rs. 25lac which he had purchased in 1994 for Rs. 7 Lac. He is also a businessman who has to get his accounts audited U/s 44AB since his turnover crosses 40lac. He will be constructing a new house very shortly till that time he has to keep his money in Capital Gain Account in bank, which he has to do before filing of return. Now my question is which is the due date is it July or Sept bit confused because on Capital gains due date was July & for Audit it is Sept.
HAPPY GANESH CHATURTHI TO ALL
My brother has sold his flat in march 2010 for Rs. 25lac which he had purchased in 1994 for Rs. 7 Lac. He is also a businessman who has to get his accounts audited U/s 44AB since his turnover crosses 40lac. He will be constructing a new house very shortly till that time he has to keep his money in Capital Gain Account in bank, which he has to do before filing of return. Now my question is which is the due date is it July or Sept bit confused because on Capital gains due date was July & for Audit it is Sept.
12 September 2010
Section says it shall be deposited on or before the due date of furnishing the return of income under section 139(1) meaning thereby,in the cited issue, 30th September is the cut off date.
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