LTCG on Property Sale

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2011 Dear Experts,I have sold my residential property in Apr'10 and have calculated ~10L as LTCG. I was planning to buy a new residential property in the current FY itself, hence I have put the amount received in a private bank. (mistake I agree! Should have put it in CGTS account in nationalised bank). Meantime I have also put that money in short term FD in the same bank and received extra intrest with TDS deducted, too. However now I am planning to move this money to CGTS account before Mar'11. My query is - if I move this money before 31-Mar-11, is there any tax applicabilty even though TDS is deducted in FD closure? second query is - how can I show this in ITR when I file the returns?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

03 February 2011 Interest on FDR will be taxed under the head Income from Other Sources. You will get credit for the TDS.
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You may transfer the amount to Capital gains latest till the due date of filing of your return.

In return you may claim the amount as exemption (against LTCG) as if you have purchased the new asset because in SS(2)
it has been mentioned that the amount deposited shall be deemed to be the cost of new of new asset.

Message likes : 1 times

Guest

Guest (Expert)

03 February 2011 Agree with Mr. Bafna

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