How to report in ITR unspent balances in my Capital Gains Account

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.

Replies (9)
Quick Summary
This discussion addresses how an individual taxpayer should report unspent long-term capital gains deposited in a Capital Gains Account Type A for AY2024-25. The consensus is that if you still intend to purchase a residential property within the allowed timeframe (2-3 years), you do not need to explicitly show the unspent balance in your Income Tax Return (ITR). Only the interest earned on the capital gains account should be reported.

Transfer it to capital gain account scheme ,
another one invest in sec 54EC, INVEST IN HOUSE PROPERTY, INVEST IN SEC 54EC BONDS..

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.

Pls post nature of assesse??
Nothing to be shown. you still have time to use it. are you planning to buy a property still or not?

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

No need to worry. nothing to be shown except interest received from cgas account.

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. 

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