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Capital gain

22 August 2018

I HAVE CAPITAL GAIN IN THE PREVIOUS YEAR. BUT I WANT TO RE-INVESTMENT THE GAIN FOR PURCHAING OF NEW ASSET AFTER ONE MONTH. I WANT TO FILE MY INCOME TAX RETRUN TO-DAY I.e 22/08/2018. SO MY QUESTION IS WHAT AMOUNT SHOULD I SHOW IN THE COLUMN OF COST OF NEW ASSET OF POINT."D" OF CAPITAL GAIN SHEDULE IN ITR 3 ?. I DONT KNOW THE EXACT AMOUNT OF NEW ASSET WHICH I WILL PURCHASE IN FUTURE. BUT THE COST OF NEW ASSET IS MORE THAN MY LONG TERM CAPITAL GAIN .

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5 Replies

CA P V N Varma (CA ) (609 Points)
Replied 22 August 2018

As per the provisions of IT act, you need to deposit such capital gain amount in Capital gain account scheme before due date of filing of IT Return ..

you don't know exact amount of new asset but
Exemption u/s 54 and 54F is max allowed up to Capital gain amount so firstly you should claim exemption and file your return

CA Bhavik Soni (867 Points)
Replied 22 August 2018

you have not mentioned which assets you sold. kindly clarify it

Raj Sekhar Pati (11 Points)
Replied 23 August 2018

New Residential House Property

Raj Sekhar Pati (11 Points)
Replied 23 August 2018

ok sir. but is it mandatory to deposit the gained amount into capital gain scheme. i will purchase a new house with in 15 days. and the new house will cost me approx. Rs. 6,00,000 and my capital gain is Rs. 3,50,000