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ITR form to show closure of CGAS

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Bharat Changela

32 Points Posted on 09 December 2020

I had fixed the LTCG of 20L in CGAS a/c in March 2018.
Shown it in ITR2 as exemption u/s 54 of A.Y. 2018-19.
In Feb. 20, I purchased and possessed the property worth 20L basic value from my own fund and closed the CGAS a/c. later by getting approval on formG of Assessing ITO.

My total income for AY 2020-21 is below 2.50 L.

Now for A.Y.20-21, should I show the receipt of same?
If yes, in which ITR and in which schedule??
Immediate guidance will help me in filing ITR in time.

Replies (5)

rama krishnan

12244 Points Posted on 09 December 2020

Information in your query is not in consonance with your financial transactions. when your income is below 2.5 l then how could you purchase property with own funds of 20 l?

Bharat Changela

32 Points Posted on 09 December 2020

When long term capital gain arised, it means that I had sold old property and gained some profit. Out of property sold at 40L, the LTCG arised was 20L, and original capital was 20L.

rama krishnan

12244 Points Posted on 09 December 2020

Thanks for the clarification Mr. bharat... what's the nature of property sold?

as I understand from your posts, there's no requirement to show it under any column of ITR since the same has been claimed as deduction already in your earlier ITR