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Query related to CGAS amount not reported in ITR

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Kalpesh Joshi

6 Points Posted on 18 August 2022

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)

Quick Summary

A user is seeking advice regarding their Income Tax Return (ITR) filing after selling land and reinvesting the proceeds into a residential flat, qualifying for exemption under Section 54F. They deposited part of the sale consideration into the Capital Gains Account Scheme (CGAS) but their Chartered Accountant (CA) reported the CGAS amount as zero in the ITR, claiming the total exemption amount remains the same. The user is concerned about the accuracy of this reporting method and potential future issues with closing the CGAS account.

Kalpesh Joshi

6 Points Posted on 18 August 2022

Pls hekp anybody. i am in tension

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212441 Points Posted on 19 August 2022

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.