Dear Members of CAClub
After selling some property, I had put the LTCG of this sale in a Capital Gain Account, while searching for a suitable residential property to purchase with this capital gain. I had reported the same in the applicable AY using ITR2 form.
The property sale was in September 2022, while the Capital Gains Account was opened in June 2023.
I have been unable to find suitable property and the time period of 2 years from sale of my property is completing 22 September 2024.
Please advise :-
1. If there is any way now to save LTCG tax
2. If there is no way to save LTCG tax, then I will pay the 20% + cess as applicable. But which ITR form to use for reporting payment of this tax on the LTCG and which AY should I report it ?
3. Do I get another 2:year time on mandatory closing of my Capital Gains account in September 2024( when 2:Years complete after the sale date of my property) ?
Advice from the experts in this forum would be much appreciated.
Regards
CAclubindia
