Subdhir Balkrishna Desai

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  1. I have sell my house property in year 2014-2015. And opened property gain account in feb 2015. Now in nov 2015 I purchesed a new house proerty and paid all amount through property gain account. Now I have to e- file the income tax retern and avail exumptiom under section 54, in this year. Last year I filed my return in ITR-1 form. This year I have to fill ITR-2. Where I have to give details about property gain account. How I will furnish this information in e-filing.
    S.B.Desai.
     
  2. ZED

    ZED Well-Known Member

    Schedule CG. It will take a little time to fill this one.
    But are the years correct? Are you filing a belated return?
     
  3. No, it is not belated return I have still to file the return which is for financial year 2015-2016. I have e- filed return for financial year 2014-2015 which was in ITR-1 form where I have not mentioned Capital gain account. Now I have to file IT return for financial year 2015-2016 where I have utilised capital gain account money, and have to avail exumtion under 54 clause. I am e-filing return for financial year 2015-2016 in ITR -2 form where I have to give all information about capital gain account. How I can furnish this imformation in ITR-2 form. In financial year 2014-2015 in ITR-1 I have not mentioned about capital gain account. Pl guide me to fill this imformation in ITR -2 form this year.
    Thanks
    S. B. Desai.
     
  4. ZED

    ZED Well-Known Member

    Sir, if the capital gain income accrued in F.Y 14-15 then exemption should also have been claimed in the F.Y 14-15. For that year you should have claimed exemption but it appears that you have not claimed the exemption in that year.
    You made investment in the capital gain account scheme??

    You may contact me @ my mail address
    [email protected]
     
  5. Hi Prateak
    You are right I have not availed capital gain exumtion in FY 2014-2015, as I have not purchased new property in that year. I opened capital gain account in FY 2014-2015 . Now in FY 2015-2016 I invested capital gain account money to purchase a new house property so want to avail exumption under section 54. I have filled ITR-2 form but not submitted because I do not understand how and where I should give imformation of capital gain account which I opened in year FY 2014-2015.
    Thanks
    S. B. Desai.
     
  6. ZED

    ZED Well-Known Member

    Sir, there has been an error. You needed to claim exemption in F.Y 14-15 and not in F.Y 15-16.
     
  7. Hi
    Karan Batra
    You are right I have not availed capital gain exumtion in FY 2014-2015, as I have not purchased new property in that year. I opened capital gain account in FY 2014-2015 . Now in FY 2015-2016 I invested capital gain account money to purchase a new house property so want to avail exumption under section 54. I have filled ITR-2 form but not submitted because I do not understand how and where I should give imformation of capital gain account which I opened in year FY 2014-2015.
    Thanks
     
  8. ZED

    ZED Well-Known Member

    You will need to revise the return for F.Y 14-15.
    AS MENTIONED EARLIER, USE SCHEDULE CG IN ITR 2

    YOU CAN NOT CLAIM EXEMPTION IN F.Y 15-16 , Sir, the exemption needs to be claimed in F.Y 14-15 only
    YOU DO NOT NEED TO ENTER ANY DETAILS OF CAPITAL GAIN IN F.Y 15- 16's FORM. THAT WOULD BE WRONG IF YOU DO SO.


    If you want to get your ITR reviewed then you may mail it [[email protected]]
    [Only send the draft of ITR, please do not send excell utility]
     
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