Annual information return (AIR) details to be filled

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Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2011 Hi,
My father has sold a land for Rs.53,00,000 and put the whole amount in another property (to be obtained in 3 years) and Capital Gains accounts as per section 54F. He shall be claiming exemption u/s 54F. All the above details shall be duly filled in the ITR2 while filing the IT return.

Do he have to file AIR also and if yes what is the procedure for it.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

07 July 2011 In Schedule AIR, you have to just tick the
Code of Transaction which is 007 in your father's case against it fill up the amount of Rs. 53.00 lacs.

In case immovable property has been purchased of 30.00 lacs or more value tick the transaction code 006 and show the amount of purchase against the code 006.

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2011 hi,

Thanks for the reply. But in this years ITR2 i cannot find AIR Schedule as it is hidden out in Sheet IT.
Another thing is my father has made an agrrement for acquiring a flat for 53.00 lakhs for which the possession shall be in dec 2013. and as of 31.03.2011 i have paid rs 15.00 lakhs only to the builder and rest is lying in Capital Gain Account with SBM. So do i need to fill transaction code 006 this year or in the year when registration of the flat takes place

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