ITR filing -- long term capital gains

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This discussion addresses a query regarding Income Tax Return (ITR) filing for long-term capital gains (LTCG) arising from commercial property. The user received compensation for vacating premises and deposited it in a capital gains account but couldn't reinvest. Advice suggests paying LTCG tax if the account is closed, and guidance is sought on filing the ITR for the correct assessment year, potentially via an updated return if there's a tax liability.

jagdish ahuja

jagdish ahuja (Querist)
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30 August 2024 i had commercial tenant property since 1975
gave up the tenancy rights/vacated the premises on
23.5.2019 for a compensation of 60 lacs.
deposited the entire amount in capital gains account in bank
after two years also could not re invest in new property
what should i do or should have done in view of the income tax laws
pls guide
thanks
note ; valuation of property was done dated 1.4.2001

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 August 2024 You need to get permission from your jurisdiction ITO to close the account.
For which you are required to pay LTCG tax over the property, saved earlier.

jagdish ahuja

jagdish ahuja (Querist)
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30 August 2024 sir the account is closed
adance tax paid in june 2021 - expiry of two years
pls guide how to file ITR -- in which asst year to file.
thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 August 2024 As such you cannot file ITR for AY 2022-23 unless you have any additional tax liability.
If you have tax liability, file updated return for AY 2022-23.
Or wait for any departmental query.

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