Income tax and ltcg account with sbi

ITR 254 views 2 replies

ashok

sales manager

45 Points Joined July 2011

Dear,

I sold my Flat in 30 lakhs on 19-07-2016

I deposited this 30 lakhs in LTCG A/C WITH SBI ON 30-03-2017

I bought a new flat and register it on 26-11-2018

I made a payment out of above LTCG A/C WITH SBI, Rs 32.5 lakhs to builder

When I approached to ITO for closing of my above account, they send a letter to me saying that I have not purchased new flat in 2 years so asking me to pay Tax on capital gain and submit proof.

I was under the impression that I have to invest within 2 years from deposits with bank, ITO letter say 2 years fro sale of my old flat.

Please advice me what I have to do?

If I require to pay tax then how to show in my current year ITR-2

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210370 Points Joined July 2016

ITO is correct, if you had purchased ready made flat.

But, it its under construction, you are saved by 1 more year!!!

For under-construction flat the time period allowed is 3 years from the date of original flat sell/transfer.

Ashok Agarwal

51 Points Joined June 2019

Thanks for your reply.
I had purchased a new ready flat.
Now please advise how to pay tax and can I add this LTCG in my current year ITR-2
Thanks
Ashok Agarwal
9820450810