• Can I file IT returns on or before March 31st 2019

Hi,

I have long term capital gain. can i file IT returns on or before March 31st 2019 for assessment year 2018-19 and can i still take the benefit of LTCG tax savings by constructing or buying a house before march 2019? I don't want to keep the amount in LTCG bank account, Because i heard banks will not allow to withdraw money when required and there will be lot of trouble to withdraw money.
Asked 6 years ago in Capital Gains Tax

I would not recommend you to do so because tax authorities may challenge this. However, there are rulings which says that even if you file return on or before the due date of belated return (31 March 2019 in your case), you will be allowed for the exemption.

But it's aggressive position and project to litigation.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

No Sir. To claim LTCG tax saving you need to deposit in CGAS before due date i.e. 31.07.2018 or purchase or construct property. After 31.07.2018 you need to pay tax on LTCG.

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

Hi

On a safer side, invest before due date of return filing i.e. 31st July 2018; or deposit the amount in CGDS by this date.

On an aggressive side, you can consider investing and filling returns by 31st March 2019. But this could be litigative and hence not advisable.

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Hi,

The income tax return for Assessment year 2018-19 can be filed before March 31, 2019 as the due date for the same is July 31, 2018.

There is a time limit of 2 years and 3 years available for purchase and construction respectively. So you may choose any of these options before March 31 and go ahead.

Thanks

Damini

Damini Agarwal
CA, Bangalore
405 Answers
31 Consultations

5.0 on 5.0

Hi,

I doubt you will be able to take the benefit that ways. It is advisable to file returns timely and claim exemption of LTCG by either investing in residential property or in the specified bonds.

Regards,

Nikhil.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Hii

for AY 2018-19 you have to file return on or before 31/07/2018 after that penalty of Rs. 5000 levied and return filed after 31.12.2018 then penalty is Rs.10000 ( assuming your accounts are not audited)

for getting exemption from LTCG you have to either use money before due date of ITR or have to deposit in LTCG Capital gain scheme account and then use money for saving tax

Lalit Bansal
CA, Delhi
773 Answers
61 Consultations

5.0 on 5.0

To claim exemption,you should file return before 31.07.2018.

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

5.0 on 5.0

You need to invest in residential house property only.

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Only in residential house property.

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

To get the exemption, you will need to invest in residential house property only. No benefit for investment in commercial property.

Regards,

Nikhil.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

You will have to invest in residential property.

Please feel free to call/ revert in in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

In residential property only.

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

5.0 on 5.0

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