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.
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.
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)
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)
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