Ltcg and itr2 efiling filing

Efiling 735 views 3 replies

Alex Edword

Self Employed

33 Points Joined July 2013

I sold my ancestral land on 21st March 2013 for Rs. 10 Lakh. This land was awarded to my grandfather who was freedom fighter by Government of India, so I was not sure about rate of purchase and indexation. I am planning to buy NHAI (54EC Bonds) of complete Rs. 10 Lakh in month of August 2013 to save LTCG tax. As 54EC Bonds can be bought withing 6 months of property transfer, but it spilled over to another financial year. Did I make any mistake by not buying bonds in March itself. If yes, what can I do now and if not, how should I show it in ITR 2? If I'll show that I accrued Capital Gains but did't file tax or invested under 54, might that a problem?

Thanks.

Replies (3)

Abhisek Rungta

PRACTISING CHARTERED ACCOUNTANT

234 Points Joined September 2009

In the section it is clearly mentioned that Bonds are to be purchased with in 6 months from the date of Sales . So in case it spills over to next year also no problem , but it should be with in 6 months from the date of Sale. Yes you should file ITR 2 . It will be treated as a Deemed Investment and you have done nothing wrong.