LONG TERM CAPITAL GAIN ON SALE OF RESIDENTIAL PLOT

Tax queries 466 views 6 replies

s

acctt

33 Points Posted on 28 September 2019

Sir i sold my residential plot in FY 2018-19, Rs. 1.10 Cr., allotted by Huda Gurgaon in 2010 and as per calculation total LTCG is payable is 72 Lakh and i have deposited the same i.e. 72 lakh in long term capital gain account in SBI. My query is whether should I deposit the entire sale consideration amount in the capital gain account or payable LTCG amount i.e. 72 Lakh only ? Kindly guide. Regards.

Replies (6)

Kapadia Pravin

17264 Points Posted on 28 September 2019

You have deposited correct amount in SBI Capital Gain Account Scheme. 👍

Suresh Thiyagarajan

Student

3986 Points Posted on 28 September 2019

1. As per sec 54(2), they have clearly mentioned it as capital gains. So, only the capital gains amount should be deposited in the Capital Gains Accounts Scheme within the due date specified u/s 139(1) relating to the FY.
2. In your case, you have correctly deposited Rs. 72 lakhs of LTCG in CGAS. Make sure that amount deposited is within due date for furnishing the ROI.
Please correct me if the above solution has an alternative view.

s

acctt

33 Points Posted on 28 September 2019

Many Thanks for reply but my lawyer said that against the sale of residential plot we should have deposited entire sale consideration i.e 1.10 Cr. ? & your opinion is also requested on section 54F (4)

s

acctt

33 Points Posted on 28 September 2019

Kapadia Pravin

17264 Points Posted on 28 September 2019

You are right. I thought you sold residential flat but it is plot. 54 is not applicable in this case.

you have to go for 54F and required to deposit entire consideration amount into Capital Gain Account Scheme with SBI. Your lawyer has rightly advised.