Capital gain accout scheme

You may have to wait till next years form if I have undestood yr issue correctly.

Are you looking at 

If so then I think you are referring to wrong portion. The one you are looking is for deemed capital gain. It is applicable when funds were not fully utilized for the purpose for which exemption was claimed. Kindly confirm it

YOu need not show any such thing in 14-15 return. What option you are seeing is as Z rightly pointed out is for amounts which have expired the time limits but not utilised for purchase of new asset. Now when you file for Ay 2016-17 if you have any amount out of teh amount deposited in the CGA scheme, which you have not utlised for new specified asset. You have to report in this section. Else, your capital gains assessment is complete if the return for 13-14 has been Processed.

Z: Yes thats true I am reffering to that portion only.

Rajagopalakrishnan R: Thanks. My only concern is how do the Income Tax authorities come to know whether and when I have actually used amount in the Capital Gain Account. Or do they take it as deemed coplaince if not reported in next two FY return in portion I am refferign to.

Thanks again.

You have to take permission from your AO in Form C for withdrawl.Thats how they will know. If after expiry of 3 years the amount remains unutilized then the balance amount in that account shall be deemed to be the capital gain in the previous year in which such time limit expires.

That pat you were referring to earlier was for this deemed capital gain.

Form C

https://www.incometaxindia.gov.in/forms/capital%20gains%20accounts%20scheme,%201988/103120000000007955.pdf

THE BANK DID NOT ASK ME FOR ANY SUCH FORM C AT THE TIEM OF WITHDRWAL FOR PURCHASE OF NEW ASSETT.

THE BANK DID NOT ASK ME FOR ANY SUCH FORM C AT THE TIEM OF WITHDRWAL FOR PURCHASE OF NEW ASSETT.

Very true.  I have been trying to get an answer to the same doubt. 

The bank did not ask for any form for withdrawel of the amount in CGA scheme.  I simply gave a letter stating that I have invested in another property for the amount kept in CGA and they returned my deposit.  

Since I had invested in under construction property for the Capital gains amount and will get the said property only after 3 years, I cannot show the new property in my returns also.  

So how do the IT authorities ensure compliance is my question.

Sumati

And if the entire amount of CGA is fully utilised, then we can use Form ITR 1 or ITR 2s for filing the returns, if I have understood correctly.