Section 54 query

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Senior Software Engineer
24 Points Posted on 02 July 2014

I have sold a flat in 2012  June)  and have planned to purchase a new flat within the prescribed time frame of 2 years s provided in Section 54 of The Act. The same was notifed by me in the return that was filed and I claimed exemption from tax.

However due to some personal reasons I have decided against the purchase of a new flat/house. I would request someone to guide me whether I could revise my return and pay the Capital Gains tax along with the applicable interest till date. Is this permissible?. or is there any other recourse available.

Thanks 

Srinivas

 

 

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On 02 July 2014 at 14:28 Report
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CA
569 Points Posted on 02 July 2014

ONE WAY IS THAT AFTER THE COMPLETION OF 3 YRS. FROM THE DATE OF DEPOSIT THE AMOUNT IN CAPITAL GAIN ACCOUNT SCHEME YOU'LL WOULD NEED TO PAY TAX IN THAT YEAR

OR

ACCORDING TO ME YOU CAN TAKE UR MONEY BACK FROM CGAS AND PAY TAX ON THAT IN THIS PARTICULAR YEAR . BUT FOR THIS WAY I'M NOT SURE

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On 02 July 2014 at 15:02
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Article
690 Points Posted on 02 July 2014

yes, rightly said by Ms. Suksham Arora.. and you can also revise your income tax return if the original reurn was filed in time. 

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On 02 July 2014 at 16:55

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