I opened a CGAS account today with SBI in order to save capital gain on a deposit of 1 CR in net sale proceeds.
Due to fund transfer delays (redemption from kotak arbitrage), the transfer to the CGAS account will happen only on Sep 20.
Will they lead to the tax exemption being cancelled ?
Would I be better off just paying off the capital gains instead given how late and risky this is ?
You need to deposit by today unless the date is extended to claim the exemption.
i dont see a filing extension. So does that mean my ability to avail CGAS Extension is gone ?
@ Akshu
If there is no filing extension upto 20th Sept, date of your fund transfer, you have lost the opportunity to save CG Tax
Did you need to provide registration copy to create the account?
@ Akash K
Registration of what?
Property registration documents while selling your property. was it not properly sale?
@ Akash K
Yes , you need to provide sale registration documents to the bank.
@ Akash
And need to provide Form-16B copy for the TDS deducted by the buyer.
@ Akash K
Must take xerox copies of your Aadhaar & PAN and Passport size 4 copies [2 extra just in case] of your photograph.
This was a share sale - not a real estate sale. So proof of sale proceeds is different but has been enough,
@ Akshu
I was replying to Akask K about his property sale and corresponding CG.
I am well aware that your CG is thru share sale via Kotak Mahindra, and I had already written to you about no use of your CG account due to delay in money credit beyond the last date of filing, extended to today only not 20th Sept.
@ ranjan - are there cases where people have been denied tax exemption due to 2 days delay in depositing money ?
I read online about cases where people have won in court where they did not deposit the capital gains but used it to buy property within the 2Y period and the court allowed the exemption.
@ ranjan - are there cases where people have been denied tax exemption due to 2 days delay in depositing money ?
I read online about cases where people have won in court where they did not deposit the capital gains but used it to buy property within the 2Y period and the court allowed the exemption.
@ Akshu
Buying a property within 2 years of getting your CG to save tax will work as it is, as per the Income Tax rules.
Wont require any litigation
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