is it necessary to deposit the cap gain arised in cap gain deposit account before due date of return.....wat will happen if i dont deposit but utilise it after the date of return for the reauired purposes......
rahul bothraa (no) (34 Points)
17 November 2012is it necessary to deposit the cap gain arised in cap gain deposit account before due date of return.....wat will happen if i dont deposit but utilise it after the date of return for the reauired purposes......
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 17 November 2012
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 21 November 2012
If you do not deposit the unutilized CG on or before the due date of filing the return then you cannot take the exemption u/s 54 or 54F. You will have to CG tax @ 20%.
CA Ruben Balooni
(Professionalism ™)
(1324 Points)
Replied 21 November 2012
Yes it is necessary to deposit the unutilized capital gain with a scheduled bank under capital gain deposit scheme, on or before the due date of filing of return. If not deposited, then the unutilized portion will be taxed.
- Ruben Balooni
CAclubindia
