Income tax and ltcg account with sbi

312 views 2 replies

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)

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.

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 24 June 2026
CA Article Trainee

Rahul Dang & Associates

Pune

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details