Capital gain set-off and ITR2 entries

[Guest]

I know people would be busy ... appreciate if I can get some help with below questions.

1) In FY15-16 I have short Capital loss of 2 Lakh from equity over the year, and from previous years I have accumulated loss of ~2 Lakh.

2) In FY15-16 I have long term capital gain of 20 Lakh (transaction happened in April 2015), I have already deposited 20Lakh in Capital Gain account.

Q1) Can I carry forward FY15-16 and previous years capital loss instead of adjusting? As I have deposited full 20Lakh in capaital gain account which I will utilize to buy residential property.

Q2) If I decide to adjust Equity capital loss with Long term Capital gain, would my bank allow me to withdraw excess amount from Capital gain account?

Q3) Can some one also guide me where to fill Capital gain account deposited amount details? Is it section CG-D1 & CG-B (div) , any other entry Thanks in advance.

Read more at: http://www.caclubindia.com/experts/modify_message.asp?entry_id=1093930

[Ganeshan Kalyani]

Sir, the due date for filing of income tax return is extended upto 5th Aug. 16. I would request you to approach a pracitising chartered accountant who would study your case in detail and advise you properly. The return filed should be error free and if such a transaction with substantial amount involved has taken place it has to be calculated and disclosed in return properly.

Sir, Sri Sanjay Malhotra Sir in this Forum would help you better.

If any of my experts collegue wish to attempt reply I very well welcome them . Thanks.

AI Summary

Capital gains set-off: deposit into capital gains account may affect adjustment of prior losses; seek professional tax advice. Taxpayer has current and prior year capital losses and has deposited long-term capital gain proceeds into a capital gain account to buy residential property; queries whether losses can be carried forward instead of adjusted, whether withdrawals from the capital gain account would be permitted if losses are adjusted, and where to report the deposit on the income tax return. Respondent recommends consulting a practising chartered accountant and filing an accurate, fully disclosed return.