Capital gains account opened last year (2016), but amount is not yet utilised. which itr form to use now?

Hi,

Last year (2016 September) my mom had got some capital gains from sale of house. The amount was deposited in capital gains account in nationalised bank. The amount has not been utilised and will be used this year for purchase of house. For assessment year 2017-18, ITR 2 was filled.

Now my question is for the year 2018-19, should we file ITR 1, since there is no income apart from salary this year? Or since the capital gains account is still live and amount not utilised should we file ITR 2?

Replies (3)
As per the Income Tax Act, the taxpayer is allowed some time (2/3 years) to invest the capital gains in specified instruments. In your case 2 year hasn't expired and you can invest. If you don't invest it, then file ITR 2 otherwise For AY 2018-19 you have only salary income. You are required to file ITR 1.

In ITR2 under CG you have ununitilzed column fill that

But sir, in that section the previous year in which asset was transferred there is a drop-down and option for 2016-17 is not there. The house was sold on Sept 2016 and CG was deposited in CG account around April or May 2017 before filling ITR for that year

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