I had sold a non agriculture land in July 2015 and invested the amount recd in CGIS. For FY2015-16 (AY2016-17), I filed ITR2. Now the amount is still un-utilized. So, which ITR I have to file for FY2016-17 (AY2017-18).
I am a salaried person and also having FDs interest income. There are no other source of income apart from the mentioned here.
" I am a salaried person and also having FDs interest income."
For AY 2017-18......... You can file ITR 1
Please note: A Capital Gains Account can be opened only by individuals and Hindu United Families (HUF). To close the account, you will need the approval of the Income Tax Officer under whose jurisdiction you come. Also ensure that you utilise the amount deposited in capital gains account within 2 years of sale of property to avail the benefits under Sections 54/54F. If this is not done, the unutilised amount will be subject to capital gains tax in the fiscal in which the deadline ends.
Means there is no requirement to show the carry forward of CGIS amount for FY2016-17 (AY2017-18).
If I use ITR-1 for AY2017-18, then how will I carry on the CGIS amount and if the CGIS amount is get utilized in FY2017-18 then what ITR I will use during AY2018-19.
CAclubindia
