SIR,
a person has sold his land for 13 lakhs in feb 2015. after a week he has deposited the same amount in capital gain acounts scheme of a nationalised bank. he has not mentioned this in his return of income for a.y. 2015 16 while filing. the person has purchased a flat in june 2016 in his sons name. so the bank has refused to release the amt as it was not purchased on his name. as on date the amt is in bank cg accounts scheme. now the cg has to be calculated and tax to be pd. is there any possibility of getting any benefit as the cash is with the bank for all these years. pl guide
CAclubindia
