Doubt regarding Capital Gains Account Scheme(CGAS)
If a person has taxable LTCG on sale of a plot and opts to deposit in CGAS for availing 54 exemptions (18-19) & later withdrew it for unauthorised purpose in 19-20, LTCG exempted earlier will be taxable in 19-20.
Please clarify whether basic exemption benefit is available against the taxable LTCG in PY 19-20?
Menu
Capital gains account scheme
Replies (1)
Whether permission from ITO obtained for the unauthorized withdrawal?
If yes, he would have allowed the deduction/s before issue of permission.
Recent Threads
- 234 f penalty
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
Related Threads
CAclubindia
