Capital gain exemption unutilised u/s 54
This query is : Resolved
29 August 2019
My father earned LTCG which he setoff under section 54 and invested in CAGS. Now he wants to lapse the benefit and pay tax on the amount.
Where should he fill the details in itr 2 and how. pls help
Where should he fill the details in itr 2 and how. pls help
29 August 2019
Declare it as current year capital gains and pay taxes.
29 August 2019
In Schedule CG , serial No. 10 (amount deemed to be long-term capital gains)
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29 August 2019
under schedule CG, declare as amount deemed to be capital gain
30 August 2019
I tried using sch 10 deemed cg but for PY it is nit showing my years option. Asset got transferred in PY 17-18 but the last
py option in sch 10 drop down list is py 16 17. pls help with the issue
py option in sch 10 drop down list is py 16 17. pls help with the issue
30 August 2019
Provided that if the amount deposited under this sub-section in capital gain account scheme, is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,—
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires;
So you wait till the lapse of that period
(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires;
So you wait till the lapse of that period
30 August 2019
will i be charged any interest when i finally pay tax on it?
30 August 2019
No. it is going to be the income of that year. There is no any retrospective effect
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