Capital gains on sale of residential house

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R.R. Arora (Querist)
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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.

V K Vijayaraghavan

V K Vijayaraghavan (Expert)
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01 September 2019 There are 2 things one is Agreement for Sale and other is Sale Deed .
When were these entered into ?

Zeal Bangdiwala

Zeal Bangdiwala (Expert)
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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.

R.R. Arora

R.R. Arora (Querist)
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01 December 2019 @ V.K. Vijayaraghavan

There was only a sale deed - which was executed and registered in June 2019.

V K Vijayaraghavan

V K Vijayaraghavan (Expert)
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09 December 2019 Okay then AY 2020-21

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