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Disclosure of amount utilised from Capital Gain Account in ITR2

Harshad (Student) (33 Points)

14 December 2021

I sold a house property in August 2018 and deposited capital gains in Capital Gain Account before due date and purchased a new house property in August 2020 and withdrew the entire amount from Capital gain account. My question is whether to show this withdrawal and utilisation from CGAS needs to be shown in ITR 2? Or can i file ITR 1 without considering these?

if yes where to show these transactions in ITR 2?

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160337 Points)
Replied 14 December 2021

IF THE AMOUNT IS TOTALLY UTILAZED (& IF CGAS ACCOUNT CLOSED) NO NEED TO DECLARE IT IN CURRENT ITR. YOU CAN FILE ITR 1.

1 Like

Tanuj Chandra Saxenaa (Company Secretary) (7070 Points)
Replied 14 December 2021

If the total amount is fully utilised from capital gain account There is no need to report in the current ITR..

yes you can file Itr 1

Sk soyeb (11 Points)
Replied 09 June 2023

Sir....I sold a plot of land with two storeyed building at 80 lac on 14th dec in 2021. And capital gain raised at 40 lac. And the raised amount(40lac)was deposited in the capital gain account before filing the ITR 2 assessment yr 2022-2023. Now I purchased a plot of land including two storeyed building at 80 lac on 4th march in 2023 And I also closed the capital gain account through G form approved by assessing officer. So my question is that do I have to fill ITR 2 assessment yr 2023-2024 again as I have no taxable income ???? I am getting confused as the assessing officer said I will have to fill the ITR assessment yr 2023-2024. Please reply me as soon as possible.

*** I have no income ( retired person, no pension )

### AFTER CLOSING THE CAPITAL GAIN ACOUNT DO WE HAVE TO SHOW THE UTILISED AMOUNT IN ITR2 AGAIN ? AND I AM A RETIRED PERSON, having no taxable income during any financial year. So what should I do?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160337 Points)
Replied 09 June 2023

It is not mandatory to file any ITR for AY 2023-24, as there is no taxable income. Secondly you have already closed your CGAS account after getting ITO permission, so there is no pending compliance of reporting it in ITR.

Still to avoid any query related to ITR filing, you may JUST file ITR 1 with the available income data i.e. Nil return.

1 Like

Sk soyeb (11 Points)
Replied 09 June 2023

Thank you so much sir.

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160337 Points)
Replied 09 June 2023

You are welcome.

Sk soyeb (11 Points)
Replied 09 June 2023

Sir...one more question...I have no income( Zero balance ). it is necessary to file nill return? I had only capital gain amount which was fully utilised.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160337 Points)
Replied 09 June 2023

Not mandatory for Sr. Ctzs, if aggregate income is below Rs. 3 lakhs.

Vishwanath D N (Student) (22 Points)
Replied 20 August 2023

Is it Complusary to Close the CGAS Account after utilising the complete capital gains amount for Purchase of the House Property? Can we just leave the CGAS account with zero balance in the bank. There will be no issues if we dont close the account?