Capital gain
This query is : Resolved
30 March 2017
what if amount of capital gain used for other purposes and before filing income tax return such amount(Capital Gain) deposited in capital gain deposit account...
30 March 2017
Once you deposit capital gain in CGAS, then you cannot withdrew such amount for any other purpose other than purchase of property.
For withdrawal prior approval will be required from AO, if you want to withdrew money for any other purpose.
If money is withdrawn for any other purpose then exemption allowed earlier will be taxable and you will have to pay tax accordingly
30 March 2017
Benefit of deduction u/s 54 / 54 F can be availed. One to one relation of sales amount and reinvested amount is not necessary.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
