CG ON PROPERTY

This discussion addresses capital gains tax for a property sold in December 2017, where funds were placed in a Capital Gains Account Scheme but not reinvested or constructed within the stipulated timeframes. It questions whether indexation benefits can still be claimed for the financial year 2020-21 when filing returns. The conversation also touches upon the relevant journal entries for computing total income and where this capital gain should be reported, considering potential indexation benefits if the property was purchased before 2000.