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How to show capital gains expediture in itr

ITR 211 views 1 replies

My only income is from interest on fixed deposits.
In F.Y. 2014-15 I incurred a capital gain of Rs.1500000 through sale of residential flat.
The entire amount was credited to a Capital Gains Account Scheme account.
In the F.Y. 2017-18 I constructed a house utilising the entire amount from the CGAS account.
Now how do I fill this info in the ITR.
My tax consultant wants to fill ITR1.
However, the utilisation of capital gains cannot be shown in ITR1.

ITR2 was filed for the F.Y.2014-15 and exemption was claimed for the capital gains amount. I think ITR2 needs to be filled again this year to show the utilisation of the amount however my tax consultant is against it.

Please advice.

Replies (1)
Yes, You will have to file ITR 2 for assessment year 2018-19 and fill detail of utilisation of capital gain from CGAS.


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