Capital Gains kept in Bank Account and not in CG Account Scheme

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  1. mohd saber

    mohd saber New Member

    I have sold a plot which was on my mothers name 2 years ago. I will have an agreement to buy a land in few days using the same amount. I have kept the amount in a normal account. Can you please let me know if i need to file any return and what is the procedure for it.

    Thanks a lot for all your support.

    Regards,
    Saber
     
  2. Sriti Jha

    Sriti Jha New Member

    To avail Capital Gains exemption, the amount to be reinvested is required to be deposited in the capital gains account.

    If you have already filed the income tax return for that year and not deposited the amount in the capital gains account - then I dont think you can claim the exemption.
     
  3. mohd saber

    mohd saber New Member

    Thanks a lot for your response.
     
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