Long term capital gain amount not reinvested
This query is : Resolved
15 July 2023
If an assessee has sold a plot which was held by him for more than 20 years and deposited the capital gain amount in Capital gain account scheme. Also failed to reinvest the capital gain amount into new property. What should be the implication ?
15 July 2023
After three years, the tax liability will arise, as earlier. Without which he will not be allowed to withdraw the amount from CGAS, 1988 acc.
16 July 2023
Is there any way to save the tax now considering the assessee is senior citizen?
16 July 2023
No other option, but to invest it in house property.
Even for SS, there is no special concession in the liability over LTCG.
Even for SS, there is no special concession in the liability over LTCG.
16 July 2023
And if he pays the capital gain tax then he is eligible to withdraw the amount from capital gain account
16 July 2023
To close the account, you will need the approval of the Income Tax Officer under whose jurisdiction you come by filing form F.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Transporter Declaration form
- Copyright software
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
