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)
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Capital Gain exemption (CGAS vs 54F)
Replies (2)
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
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