If one has sold shares of listed Co. to buy property resi House within 1 year to claim exemption u/s 54 but before filing return only 6 months have passed from the date of sale of shares. Does he have to file return and show capital gains or he can wait till 6 months not showing this capital gains in his return invest in resi House full consideration and claim exemption in next year's return. Kindly advice or guide.
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Sale of shares of listed co. Capital gains
Replies (7)
Quick Summary
He has to declare the sale of shares with capital gains in ITR of Current AY
He has to deposit the sale consideration in CGAS, 1988 account provided by most of nationalized banks to claim deduction u/s. 54F. (Check sec. 54F eligibility)
Why a period of one year is given to invest in resi House to claim exemption u/s 54 F
You need to deposit amount in Long Term Capital Gain Funds for claiming exemption of amount invest after filing of return
Party wants to buy a house in a year from the date of sale of shares.
So deposit amount in capital gain deposit schem
But then can he withdraw when he wants or he has to keep it for 3 years
Withdraw as per se
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