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.
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?
CAclubindia
