Query related to CGAS amount not reported in ITR

ITR 392 views 2 replies

Hello, I have sold land worth rs 30 lac and invested net sale consideration in a residential flat worth rs 31 lac. hence entire CG is exempted u/s 54F. till the date of 31st July, I have paid 25lac and deposited 5 lac rs in the CGAS account. but my CA filed my ITR 2 and showed the amount deposited under CGAS as 0 and the total exempted amount as 30 L. He said it is the same thing and I should not worry. 

Any CA here can tell whether he is right or not ? as the total exempted amount is the same but he did not divide the amount into two sections but clubbed them all under one head..? pls help

Replies (2)

Pls hekp anybody. i am in tension

Though there would not be any additional tax liability, but method of declaration is improper. It will also create problem while getting permission from ITO for closure of CGAS account.

Better revise the return at earliest, declaring balance in CGAS as 5 lakhs.

 


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