I had sold some residential property in mid FY2022-23. I could not use the long term capital gains for purchase of any residential property before filing the returns for AY 2023-24 and deposited the capital gains in a Capital Gains Type A account.
I am still unable to use these funds for a suitable residential property.
Please advise how do you report this fully unspent capital gains in the return filing oin AY2024-25.
Dear Mr Sabyasachi
Thanks for writing.
But you , maybe, did not understand my query.
I want to know how to report in forthcoming return filing the unspent money in my Capital Gains account. If you can throw some light , I will appreciate it.
Thanks to both of you for responding.
Mr Sabyasachi
I am an individual tax payer. Only salary and some bank deposits and some dividends as income.
Mr Sharath Chandra
Indeed, I wish to use the capital gains to buy another property to avoid or minimise tax on this LTCG
Mr Sharath, Many thanks for the clarification
@ Sharath chandra Will he be able to claim deduction then, without showing in itr??
This is not his first year , so need not show usage as he has time limit of 2/3 years to use it.
CAclubindia
