Ltcg depost scheme account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2012
A has utilised part of LTCG arising from transfer of a residential house in buying another house. Can he deposit balance of LTCG in the Capital Gain Deposit Account in a bank and avail total exemption of tax on LTCG during the year?
He may purchase another house of higher value with in next 2 years or construct additional floor on the newly purchased property with in next 3 years and thus utilise the money deposited in CG Deposit scheme account.
Kindly clarify.
He may purchase another house of higher value with in next 2 years or construct additional floor on the newly purchased property with in next 3 years and thus utilise the money deposited in CG Deposit scheme account.
Kindly clarify.
14 July 2012
He can deposit the amount in the capital gains account.
.
If he want to claim exemption against the higher valued property, he can do so , by not claiming exemption against the house of the lower cost recently purchased.
.
In case of further construction of house, on the said newly purchased house, care must be taken so as to show the entire Housing Project as a single residential unit. This can be managed easily as at the time of filing Return you have to claim exemption in respect of investment in the "New Asset", which is equal to the amount already invested plus the amount deposited in the capital gain account.
.
.
If he want to claim exemption against the higher valued property, he can do so , by not claiming exemption against the house of the lower cost recently purchased.
.
In case of further construction of house, on the said newly purchased house, care must be taken so as to show the entire Housing Project as a single residential unit. This can be managed easily as at the time of filing Return you have to claim exemption in respect of investment in the "New Asset", which is equal to the amount already invested plus the amount deposited in the capital gain account.
.
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
- Section 270A penalty
- GST Registration Application -Rejected
- GSTR 1- Amend Credit Note
- GSTR 9C- Table 9
- Tax liability on gift amount given to blood relation
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Acting as an Agent
- Reimbursement of expense- GST applicable or not
- When was the effective CA partnership deed? Can I use old FRN until new FRN alloted by ICAI?
- To Whom the Professional Invoice should be Raise
- E stamp paper purchase
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
