@TeamQuicko Can someone answer this question?
Hello @prasidhi,
You would need to submit a photograph, PAN and proof of address to the authorized bank for opening capital gains account.
With regards to your second question, you can claim the exemption by purchasing new or used property.
Thanks @Devarsh_Jagad.
I visited local SBI branch. They were asking for some proof for the money. Is this required?
Thanks
Hi @prasidhi
Any proof regarding sale of foreign unlisted shares or previous years ITR should suffice.
I have a carry forward loss of 14 Lakhs in equity short term from 2 years ago. Can it be set off against profit of 14 lakhs in f&o this year? Or can it be set off against profit in Debt mutual fund short term/Gsec short term/Sgb short term?
Hi @Hardik_Shah
If you had reported your loss in the ITR in the year in which the loss occurred, you can set off and carry forward. If not, you will not be able to set off and carry forward.
However, as per the rules, a short-term capital loss can be set off against short-term or long-term capital gains.
You can read about the Set Off and Carry Forward of Losses under Income Tax - Learn by Quicko
Long Term asset sales happened in Aug-22. By when should the gains be deposited in Capital Gains account?
Thanks
Prasidh
Hi @prasidhi
The capital gains from the sale of asset should be deposited in the CGAS.
A taxpayer needs to deposit the funds in the CGAS till the time he/she plans to invest in the specified investment as per the relevant section.
You can read more about it here.
Is it Ok to deposit the proceeds before filing the returns for FY 2022-23?
Thanks
Prasidh
Hi @prasidhi
Yes, it is fine to deposit the proceeds in the CGAS before you file your return for claiming exemption under section 54F.