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Question & Answer


V

Viswanath Suresh

28 Oct 2023

I had sold shares and mutual funds worth 30 Lakhs 3 years back and the amount was deposited under 54F in CGAS scheme for purchasing the house as mentioned below.

>> Sale value of shares/equities: 30 Lakhs
>> Principal = 22 Lakhs
>> Capital Gain amount = 8 Lakhs
>> Amount deposited in Capital gain account t= 30 Lakhs

I am unable to use the complete amount deposited in capital deposit gain account even after 3 years.
According to me, now I need to pay tax at 10% of 8 Lakhs (Correct me, if I am wrong).
I was trying to declare the above in deemed capital gain section of ITR with entries as mentioned below
>> Section under which deduction claimed in that year = 54F
>> Amount utilised out of Capital Gains account = 0
>> Amount not used for new asset or remained unutilized in Capital gains account = 30 Lakhs
For above entries 20% of 30 Lakhs is considered as tax.

What is the correct way to declare the above in ITR so that the tax is 10% of 8 Lakhs.

Replies (2)                          

  CA Roomi Gupta
      28 Oct 2023

For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.

CA K Narasimha Prakash       7 Nov 2023

Since you have not utilized the amount for construction you can pay tax and get letter from your Assessing officer you have paid the tax then bank will allow you to withdraw the amount from GCTS.
If you require further clarification check with your CA or call to us 7338838605 or kna3350@gmail.com

T&C apply


G

Gaurav Gupta

27 Oct 2023

Can my father sell a land and buy flat in co-ownership with me to avoid LTCG or he has to be sole owner of flat.

Replies (1)                          

  CA Roomi Gupta
      28 Oct 2023

For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.

T&C apply


S

Swapnil Dayanand Kini

26 Oct 2023

I had filled 115 BAC for new regime by mistake,
Now I have to opted out from new regime becoze i have clime previous year losses and depreciation.
Now give suggestion for old regime

Replies (1)                          

CA K Narasimha Prakash       7 Nov 2023

You can file revised return if assessment is not completed.
If you have any clarification check with your CA or call to us 7338838605/ kna3350@gmail.com for further assistance.

T&C apply


K

Karandeep Singh

25 Oct 2023

I am starting an agriculture project in hydroponics in Himachal Pradesh on leased land . But as i am not an agriculturist , i cannot start agriculture work . So i registered a pvt ltd for it , but now the company requires to take permission from under under 112 or something like this for the project . Which is very hard to get and takes a long time . So how can i start the project . I had 2 things in mind , 1. To partner with an FPO and start the project or 2. Partner with the land owner who is already an agriculturist to start the project ?

No Reply  


K

Karandeep Singh

25 Oct 2023

I want to consult a CA regarding my project in agriculture sector

No Reply