Ranjan (Mr) (41 Points)
10 January 2024I 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.
sabyasachi mukherjee
(26169 Points)
Replied 11 January 2024
Ranjan
(Mr)
(41 Points)
Replied 11 January 2024
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.
Sharath chandra
(Accountant)
(1215 Points)
Replied 12 January 2024
Ranjan
(Mr)
(41 Points)
Replied 12 January 2024
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
Sharath chandra
(Accountant)
(1215 Points)
Replied 13 January 2024
Rahil Kachhot
(6 Points)
Replied 14 January 2024
@ Sharath chandra Will he be able to claim deduction then, without showing in itr??
Sharath chandra
(Accountant)
(1215 Points)
Replied 26 January 2024
This is not his first year , so need not show usage as he has time limit of 2/3 years to use it.
CAclubindia
