Reporting in New Income-tax returns

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suren (Querist)
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30 September 2021 The assessee has deposited LTCG in CGAS account while claiming deduction U/S 54 in AY 2019-20. He has purchased residential property in AY 2021-22 by utilizing entire CGAS account balance. How and where to report in CG schedule in new utility?
Please guide.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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30 September 2021 The claim was supposed to be taken in AY. 2019-20. If already claimed, no need to report it in AY 2021-22.

suren

suren (Querist)
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01 October 2021 Thanks for your reply. The assessee has already claimed deduction u/s 54 in A.Y. 2019-20 by depositing capital gain in CGAS account. He has utilized the said amount for buying new residential property within stipulated time of 2 years and closed the CGAS account. How the department will know that the funds was utilized or not? Is it responsibility of the designated bank to see that the compliance is done? I think, in old excel utility there was schedule DI column C where the reporting was to be done. Am I correct? If yes, than has it been done away with in new forms? Please guide.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

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02 October 2021 Yes, now it is the responsibility of bank to follow certain compliance for the proper utilization of funds. Like 'Form C' & 'Form D' are required to be submitted by assessee to bank, for initial & subsequent withdrawal of funds. In case of any residual balance in account, assessee has to get permission from his ITO for closure of the account. Etc....

suren

suren (Querist)
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06 October 2021 Thanks a lot sir for your guidance. All formalities with bank duly complied and accounts closed as entire amount was fully utilized.
Thanks again.

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