54F, CGAS and equities
This query is : Resolved
28 October 2023
I had sold shares and mutual funds worth 30 Lakhs 3 years back and the amount was deposited under 54F in CGAS scheme for purchasing the house as mentioned below.
>> Sale value of shares/equities: 30 Lakhs
>> Principal = 22 Lakhs
>> Capital Gain amount = 8 Lakhs
>> Amount deposited in Capital gain account t= 30 Lakhs
I am unable to use the complete amount deposited in capital deposit gain account even after 3 years.
According to me, now I need to pay tax at 10% of 8 Lakhs (Correct me, if I am wrong).
I was trying to declare the above in deemed capital gain section with entries as mentioned below
>> Section under which deduction claimed in that year = 54F
>> Amount utilised out of Capital Gains account = 0
>> Amount not used for new asset or remained unutilized in Capital gains account = 30 Lakhs
For above entries 20% of 30 Lakhs is considered as tax.
What is the correct way to declare the above in ITR so that the tax is 10% of 8 Lakhs.
>> Sale value of shares/equities: 30 Lakhs
>> Principal = 22 Lakhs
>> Capital Gain amount = 8 Lakhs
>> Amount deposited in Capital gain account t= 30 Lakhs
I am unable to use the complete amount deposited in capital deposit gain account even after 3 years.
According to me, now I need to pay tax at 10% of 8 Lakhs (Correct me, if I am wrong).
I was trying to declare the above in deemed capital gain section with entries as mentioned below
>> Section under which deduction claimed in that year = 54F
>> Amount utilised out of Capital Gains account = 0
>> Amount not used for new asset or remained unutilized in Capital gains account = 30 Lakhs
For above entries 20% of 30 Lakhs is considered as tax.
What is the correct way to declare the above in ITR so that the tax is 10% of 8 Lakhs.
28 October 2023
Declare 8 lacs insted of 30 lacs.
28 October 2023
Anything declared under deemed capital gain section is charged at 20% tax.
How this can be handled?
ITR doesn't provide 10% taxation option under deemed capital gain section?
How this can be handled?
ITR doesn't provide 10% taxation option under deemed capital gain section?
29 October 2023
Raise grivance in the income tax portal. Yours is a rare case.
Wait for modification in ITR form.
Wait for modification in ITR form.
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