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Capital gain

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This query is : Resolved

jitu parmar (Querist)

02 March 2016 i had sold the flat .the registeration the flat is done on 30/03/2015 but consideration is received in the month of april 2015.i had purchased another flat on 30/8/2015.so how to calculate capital gain whether it will come under AY 2015-2016 or AY 2016-17

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

02 March 2016 Since the sale of property was registered on 30th march 2015, the capital gain arises in the A.Y. 2015 - 16, even though the consideration was received only in A.Y. 2016 - 17. To avoid payment of Capital Gains Tax, investment in the prescribed assets should be done within 6 months of the sale of the asset and you have complied with that section. In your ITR for 2015 - 16 you should have disclosed the Capital Gain and confirmed that you would make the investment within the prescribed time. Other conditions, if necessary should also be complied with.

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