Deposit under capital gain deposit scheme
This query is : Resolved
OM PRAKASH BANKA
(Querist)
27 August 2014
ONE OF MY CLIENT HAVING CAPITAL GAIN 1.10 CRORE HAS DEPOSITED 1.15 CRORE IN CAPITAL GAIN DEPOSIT BY MISTAKE, NOW THE ASSESSING OFFICER IT TREATING 1.15 CRORE AS CAPITAL GAIN PLEASE ADVICE ON THE ISSUE
CA Kishore Tallam
(Expert)
27 August 2014
As per IT Act, Capital gain needs to be assessed from Cost and Sale value only but not from amount deposited in CG account.
Pls putforth your question that if the client deposits only 10 lacs, whether he will consider only Rs. 10 lacs as capital gain? or ask him the provision where it says that CG to be deposited with CG account should be exactly the CG amount.
Pls putforth your question that if the client deposits only 10 lacs, whether he will consider only Rs. 10 lacs as capital gain? or ask him the provision where it says that CG to be deposited with CG account should be exactly the CG amount.
Rupesh Jain
(Expert)
27 August 2014
you can prove with capital gain calculation that amount wrongly deposit by the assesse.
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