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Capital gains accounts scheme, 1988

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This query is : Resolved

R K ARORA (Querist)

27 July 2015 The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, extended (June 2015) the ‘due-date’ for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned.
In view of the above can an individual open an account under capital gain account scheme, 1988 up to 31st August, 2015 in respect of capital gain on sale of plot in December 2014.

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)

27 July 2015 Yes, you can avail the extension for depositing in CGAS also ( although there is no direct nexus between the deposit due date and the reason for this year's extension). If you are otherwise ready to deposit in CGAS why delay ??. Unless you expect the actual investment in specified asset also to happen within august 2015.

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