Thank you. I have sold a flat in sept.2013. I declared the capital gains in the it returns of AY13-14. I deposited the capital gains in capital gains account and availed deduction under section 54. Now in March 2015 I booked a flat and got possession of it in March 2016. My question is how to show that I have utilised the capital gain amount in purchasing a flat in the itr 2 form.
1 Answers
Hi,
If you have withdrawn money (> Rs 25,000) from Capital Gain Accounts Scheme (CFAS) then you would have given an application mentioning the purpose.
If you have withdrawn money in installments, you would have submitted specified form mentioning the details of how the earlier withdrawals were used.
Have you closed your CGAS account?
If yes, when the new property has been purchased or the construction has been completed and if you had closed the account then you would have made an application with the approval of the assessing officer.
So, I believe that there is no specific provision or requirement to mention about the utilization of money in CGAS account again in your Income Tax Return.
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