Amt not deposited in Capital Gains Account

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    UMARAO New Member

    I had sold my only residential flat in July 2013.
    Signed agreement for composite plan of purchase of site & construction.
    Paid advance in Jan.2013 for the new property.
    Advance received in April 2013 towards the sale was fully utilized by the time the site was registered in May 2013.
    The amount paid towards the new property even before the sale of old asset is more than the indexed cost of purchase of the old property. Hence I did not park any amount in capital gains scheme deposit, but kept the entire amount of sale proceeds in one particular a/c with a very few transaction. Is this alright?

    In this case, while filing my IT return for the AY 2014-15, is it alright to show the due date in the schedule for capital gains tax as July 2013 and capital gains deposit as nil? (Ref : page 20 column D of ITR 4
  2. Neha Sharma

    Neha Sharma Active Member

    If the Amount invested in the new flat is more than the Capital Gains arising from the sale of old Residential Flat, then the entire Capital Gains amount would be exempted from the levy of Income Tax.

    You can show the amount deposited in Capital Gains Account as Nil. And where are you required to show the Due Date ??


    UMARAO New Member

    Thank you very much for the reply.

    The due date required is in item D page 20 - information on deduction claimed.
  4. Neha Sharma

    Neha Sharma Active Member

    @UMARAO : have you filed the income tax return or you still haven't filed it as the last date was 31st July
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