STCG and LTCG Taxation

Income Tax Income from Capital Gains
#109

@TeamQuicko Can someone answer this question?

#110

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.

#111

Thanks @Devarsh_Jagad.

I visited local SBI branch. They were asking for some proof for the money. Is this required?

Thanks

#112

Hi @prasidhi

Any proof regarding sale of foreign unlisted shares or previous years ITR should suffice.

#113

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?

#114

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

#115

Hi @Devarsh_Jagad

Long Term asset sales happened in Aug-22. By when should the gains be deposited in Capital Gains account?

Thanks
Prasidh

#116

@TeamQuicko

Can someone please reply?

Thanks
Prasidh

#117

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.

#118

@Shrutika_Shah

Is it Ok to deposit the proceeds before filing the returns for FY 2022-23?

Thanks
Prasidh

#119

Hi @prasidhi

Yes, it is fine to deposit the proceeds in the CGAS before you file your return for claiming exemption under section 54F.