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capital gain exemption

183 views 7 replies

Sree Vidya

student

128 Points Joined March 2013

Hi, we filed itr2 as there is income from capital gain for FY 2014-15 and paid LTCG tax of Rs. 2.00 Lakhs. ITR is processed. Now we purchased land and constructed a residential house during FY 2015-16 and FY 2016-17 which is eligible for exemption u/s 54.

Now please help me how to take exemption and get refund on Tax paid for Capital Gains...

Thanks a ton in advance

Replies (7)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210698 Points Joined July 2016

Now it is not possible........ The Gains/proceeds were required to be deposited in CGSS accounts before filing the relevant ITR..

S ELAVARASI

ACCOUNTANT

2975 Points Joined August 2017

Originally posted by : Dhirajlal Rambhia
	Now it is not possible........ The Gains/proceeds were required to be deposited in CGSS accounts before filing the relevant ITR..

Now it is not possible...

Sir.,

Please explain how it's not possible? Bcoz., He is filed his ITR. Then Can we use the amount without any Taxes...!!!

Sree Vidya

student

128 Points Joined March 2013

sir, thanks for reply
please through some more light if he invested part amount one year before the sale of property.

Sree Vidya

student

128 Points Joined March 2013

as he is not aware of of cgss account

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210698 Points Joined July 2016

@ S Elavarasi: The question is for claiming exemption u/s. 54/F, and not utilization of money which is already taxed......

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210698 Points Joined July 2016

@ Sree Vidya: Knowing or not knowing any law/act can never be excuse.

Whatever was invested before sell of property(?) not exempted u/s. 54F.......... but if sec 54 was applicable......... it should have been claimed in the ITR......