Section 54 capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2014 Dear Sir,
I sold my house property agreement dated 06.03.2014 for Rs. 1450000.00
I received RS. 145000.00 on 13/02/2014 and remaining amount Rs. 1305000.00 i received cheque Dated 06.03.2014. Cheque is cleared on 04.04.2014 for Rs. 1305000.00.

Now, in which year i should deposit the amount in Capital Gain Account scheme...?

Thanks in advance.

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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13 November 2014 u have not mentioned , when sale deed is executed, if it is executed in 6.3 2014,as it appears than u could have deposited the amount before 31 july 14. i think u ahve missed the deadline.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 November 2014 receipt of consideration is not relevant. Since the agreement is dated in march 2014, you were required to deposit the capital gains in CGAS before filing the return under section 139(1) for AY 2014-15.

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2014 Dear,
SO much thank you for sharing your valuable knowledge.
But my question is that i not received the sales consideration then how can i deposit the same...? any judgment or law to rely on the same,....?

Secondly, if there is no capital gain on the date of sales deed, is it compulsory to show the CG in return...? I mean is it compulsory to show the working of capital gain in IT return..?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 November 2014 you have received the consideration by 4 April. You have time till 139(1) deadline for deposit in CGAS.

Secondly, yes you need to show the working in the tax return.

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