Capital gains

Assuming sold property was residential house property

You can deposit the LTCG amount in CGAS and file ITR. Belated return can be filed till 31.12.2023 for AY 2023-24. 

For detailed discussion you may opt for phone consultation

1. Deposit LTCG in Capital Gains Account Scheme (CGAS): If you've sold a residential property, and if you've made capital gains from it, you can deposit the unutilized amount of Long-Term Capital Gains (LTCG) in a Capital Gains Account Scheme (CGAS) before filing your income tax return. 

2. File Belated Income Tax Return (ITR) with Penalty: As you mentioned, you have exceeded the original due date of July 31, 2023, for filing your income tax return. However, you can still file a belated return for the Assessment Year (AY) 2023-24. The extended deadline for filing a belated return is typically December 31, 2023. Keep in mind that filing a belated return may incur a late filing penalty. The penalty amount can vary based on your total income and the delay in filing.

3. Include LTCG Details and CGAS Deposit in ITR: In your belated income tax return, you should accurately disclose the details of the LTCG from the property sale. Additionally, provide information about the deposit you've made into the Capital Gains Account Scheme (CGAS). This will help the tax authorities understand the utilization of the LTCG for potential tax deferment.

4. Pay Late Filing Penalty: Be prepared to pay the late filing penalty, if applicable, along with any taxes owed. The penalty amount can vary, so it's advisable to calculate it accurately.

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Shubham Goyal

Hi

Yes, you can still deposit the amount of LTCG on Residential Property, in the CGAS and file your ITR (Belated Return with late fees) for AY 23-24 till [deleted] and save capital gains tax on the same.

No now you cannot deposit amount in CGAS as the due date for filing income tax return has expired.

Now you can only file income tax return by paying tax or apply for condonation with AO and later fight appeal.

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