| Question And Answer | |
|---|---|
| Subject: | Tax Liability on Long Term Tax |
| Category: | Income-Tax |
| Querist: | Jalaj Karandikar |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Capital Gains, Long term capital gains |
| Date: | November 8, 2022 |
Dear Sir/Mam,
I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022, since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account.
Need your guidance on how to pay Tax and on which segment of ITR I should file in returns.
Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed anything.
Please contact your chartered accountant/ tax consultant. The Government, inter alia, did relax the time period to claim deduction under section 54 to section 54GB of the Income-Tax Act vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The dates were further extended several times with a series of Notifications which will have to be individually examined. Hope the same helps