banner_ad

Income tax and ltcg account with sbi

ITR 300 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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details