Assessee has a LTCG from sale of land in FY 21-22. He has invested amount in normal FD. He is planning to purchase Residential House in next month. He has not yet filed Return of income for FY 21-22 and also not deposited in CGAS.
Suggest
1. Whether to deposit in CGAS now and claim exemption in ROI and file ROI now under sec 139(4)?
OR
2. First purchase Residence and then claim exemption under Section 54F before the due date under section 139(4)
Menu
Capital Gain exemption (CGAS vs 54F)
Replies (2)
Quick Summary
1. Not eligible now, as the time to deposit in CGAS account has lapsed.
2. Yes, you can try for this option.
Even if you are not able to execute sale deed of the property, you can remit the amount with the seller. instead of keeping it in an fd you should remit it to the seller
Recent Topics :
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
Related Topics :
CAclubindia
