Capital gains
This query is : Resolved
10 April 2015
MY CLIENTS SOLD FLATS IN FEBRUARY @)!! AND MADE A CAPITAL GAINS OF RS.7,00,000/- AND OPENED A CAPITAL GAINS ACCOUNT SCHEME AND DEPOSITED RS.8,00,000/- BEFORE THE DUE DATE OF FILING RETURN OF INCOME I.E 31ST JULY, 2011.
SINCE MY CLIENTS HAVE CLAIMED EXEMPTION FROM CAPITAL GAINS U/S.54 OF THE I. TAX ACT, 1961 SO A PROPERTY IS TO BE PURCHASED ONE YEAR BEFORE OR TWO YEARS AFTER OR CONSTRUCT WITHIN THREE YEARS A PROPERTY..
MY CLIENTS HAVE DONE NOTHING AND HENCE PAID ADVANCE TAX TOWARDS CAPITAL GAINS OF RS.1,50,000/- IN SEPTEMBER, 2014.
NOW WHEN MY CLIENTS APPROACHED THE BANK TO WITHDRAW THE CAPITAL GAINS AMOUNT THEY ASKED US TO SUBMIT FORM NO.G AFTER OBTAINING NOC FROM ASSESSING OFFICER.
NOW SHOULD WE OFFER THE CAPITAL GAINS IN THE RETURN OF INCOME FOR ASSESSMENT YEAR 2015-2016 OR FILE A REVISED RETURN OF ASSESSMENT YEAR 2014-2015 AND PAY TAX.
ACTUALLY WHEN IS THE CAPITAL GAINS NOW ACCRUING TO MY CLIENTS U/S. 45 OF THE I.TAX ACT, 1961.
WHETER THE CAPITAL GAINS ARISES IN THE FINANCIAL YEAR OF WITHDRAWAL.
SINCE MY CLIENTS HAVE CLAIMED EXEMPTION FROM CAPITAL GAINS U/S.54 OF THE I. TAX ACT, 1961 SO A PROPERTY IS TO BE PURCHASED ONE YEAR BEFORE OR TWO YEARS AFTER OR CONSTRUCT WITHIN THREE YEARS A PROPERTY..
MY CLIENTS HAVE DONE NOTHING AND HENCE PAID ADVANCE TAX TOWARDS CAPITAL GAINS OF RS.1,50,000/- IN SEPTEMBER, 2014.
NOW WHEN MY CLIENTS APPROACHED THE BANK TO WITHDRAW THE CAPITAL GAINS AMOUNT THEY ASKED US TO SUBMIT FORM NO.G AFTER OBTAINING NOC FROM ASSESSING OFFICER.
NOW SHOULD WE OFFER THE CAPITAL GAINS IN THE RETURN OF INCOME FOR ASSESSMENT YEAR 2015-2016 OR FILE A REVISED RETURN OF ASSESSMENT YEAR 2014-2015 AND PAY TAX.
ACTUALLY WHEN IS THE CAPITAL GAINS NOW ACCRUING TO MY CLIENTS U/S. 45 OF THE I.TAX ACT, 1961.
WHETER THE CAPITAL GAINS ARISES IN THE FINANCIAL YEAR OF WITHDRAWAL.
10 April 2015
The amount of capital gain would be taxable in the year of withdrawal of amount from CG Scheme account
10 April 2015
MOHIT BANSAL THANKS FOR THE QUICK REPLY.
BUT SECTION 54 (2) 1ST PROVISO (i) STATES THAT THE CAPITAL GAINS WILL HAVE TO BE OFFERED FOR TAX AFTER THREE YEARS FROM DATE OF TRANSFER. PLEASSE ADVISE OR CLARIFY.
BUT SECTION 54 (2) 1ST PROVISO (i) STATES THAT THE CAPITAL GAINS WILL HAVE TO BE OFFERED FOR TAX AFTER THREE YEARS FROM DATE OF TRANSFER. PLEASSE ADVISE OR CLARIFY.
10 April 2015
Yes Mr. Rajesh, the amount would be taxable in the previous year in which 3 years from the date of transfer expires
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