18 January 2017
Hello Sir, I have sold 1. Commercial land with commercial building and 2.Residential House( in a remote village) to two buyers in same financial year. My queries are listed below. 1. Should I include both Commercial land sale and Residential House sale in my income tax return. Or just commercial property sale is enough ? 2. Is there any issue if I show the real sale price which is higher than the amount in stamp paper(sale document). Will income tax authorities ask why i shown less in stamp paper and put me into difficulty ? 3.Can I claim 54F exemption, if I am constructing new house in recently purchased land. ( I have no other house) 4. What documents should I prepare as supporting document to claim 54F exemption. I mean house construction expenses bill, house construction completion certificate etc is enough or not? House construction is expected to complete in May 2017. Please Advice.... Thanking you in advance.
18 January 2017
Dear Jose,
Answers to queries are as under:
1. yes include both transactions in income tax return if both transactions are via registered deed.
2. why do you wish to show higher price than in registration deed?
3. yes you can claim benefit u/s 54F.
4. You'll need to maintain all expenses bills in relation to
18 January 2017
the said new construction. the said money needs to be utilised before filing return or else to be deposited in cgas scheme account in a bank and user for construction.
21 January 2017
Thank you Mr.Kaushik Joshi for your detailed reply. Answer to 2. Its because more money deposited in my bank account than as per sale deed. Thank you once again......
CAclubindia
