I have sold a small piece of plot < had a capital gain of 50 lac- this year. Can I keep this as a deposit in any bank & want o open a new account? BUT NOT TERM IT AS A CAPITAL GAIN ACCOUNT. i will not use this amount & will buy another flat within a year. Is this ok ? is it compulsory to open a capital gain account only? Pl guide. Thank u for sparring your time.
vijayakumar
If you want to get exemption u/s. 54F IT act, you have to deposit the required amount in CGAS, 1988 acc ON OR BEFORE FILING RELEVANT ITR.
Yes sir. I want use the entire amount including its interest. My point is -interest is shown , appropriated for tax. I will pay capital gain tax to the extent of gain. if i partly use, i will pay tax for the balance. All these will be declared in the coloums.
Is this ok sir .capital account in bank has many hassle, difficult to draw back. This only makes weary.
Thank u for your time.
Yes, you should have completed the process till 31.07.2023. If not, pay tax over the balance amount in belated return.
Triveni Turbine Limited
Bengaluru
CA
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