Capital gains on sale of residential house
This query is : Resolved
31 August 2019
Hi, need to know how one should disclose capital gains in the ITR form in the following scenario:
Total sales consideration - 90L
Received 89 L in December 2018 (i.e. AY 2019-20)
Sale agreement executed in June 2019 (i.e. AY 2020-21) + Final Payment 1 L received on which TDS @ 1% is deducted.
In which year, do I show the sale? Also, in case the sale is reported in AY 2019-20, how do I claim the TDS credit in the next year (AY 2020-21) because since technically in that year I will be offering no capital gains income.
Total sales consideration - 90L
Received 89 L in December 2018 (i.e. AY 2019-20)
Sale agreement executed in June 2019 (i.e. AY 2020-21) + Final Payment 1 L received on which TDS @ 1% is deducted.
In which year, do I show the sale? Also, in case the sale is reported in AY 2019-20, how do I claim the TDS credit in the next year (AY 2020-21) because since technically in that year I will be offering no capital gains income.
01 September 2019
There are 2 things one is Agreement for Sale and other is Sale Deed .
When were these entered into ?
When were these entered into ?
03 September 2019
You need to offer the Capital Gain in the year you executed the sale deed i.e. June 2019 as the ownership will be transferred on that day. The amount received in December 2018 should be treated as advance against the property.
01 December 2019
@ V.K. Vijayaraghavan
There was only a sale deed - which was executed and registered in June 2019.
There was only a sale deed - which was executed and registered in June 2019.
09 December 2019
Okay then AY 2020-21
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
