Capital gain tax
kiran jhamnani (Finance Professional) (119 Points)
22 December 2016kiran jhamnani (Finance Professional) (119 Points)
22 December 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177864 Points)
Replied 25 December 2016
1. Any time before or after 3 years.
2. Before filling return, it can be done; but get permission letter from ITO
3. Not possible for any extention of time period, now.
kiran jhamnani
(Finance Professional)
(119 Points)
Replied 25 December 2016
2. Before filling return, it can be done; but get permission letter from ITO
Kindly explain this, because for buying the house bank will only ask form C to make the payment to vendor.
and as you said before filling the return get permission letter from ITO, this is for withdrawing the money after paying tax you mean?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177864 Points)
Replied 26 December 2016
To close the account and withdraw the money, without its utilization for capital gain exemption.
kiran jhamnani
(Finance Professional)
(119 Points)
Replied 26 December 2016
Dear Sir,
IF the amount kept in Capital gain saving account if un utilized in the stipulated time of 3 years of dead of sale of previous property,
without taking out from the Capital Gain Saving Account this deposit can still taken out to buy the property through the form C ? and the Taxable amount ( the FY of sale of past property 3 years ago) could be added to runing years IT Return by 30-July 17 ? is that permitted ?
Please advise. Many thanks for your time.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177864 Points)
Replied 27 December 2016
Once you have paid LTCG tax over the property sold earlier, the amount can be withdrawn from the CG savings account then you can utilize it the way you wish, including purchase of another property.