Deduction under section 54 in case of sale of flat in itr-2
This query is : Resolved
09 May 2018
Hi,
I made a Long-term capital gain of 6.69 Lakh rupees in Oct 2017 by selling my very-old residential flat.
I also purchased a New Residential Flat for 11 Lakh rupees paid fully with registry on 07 Mar 2018.
I will file my tax return for FY 2017-18 in form ITR-2.
I will be filling LTCG section in Schedule CG of form ITR-2 to claim Deduction u/s 54.
I have two queries in this regard:
Q1. In section B Long-term capital gain (LTCG) section of schedule CG, which of the following entries will be CORRECT?
Deduction under section 54 (specify details in item D below) : 11,00,000 Rs.
Or
Deduction under section 54 (specify details in item D below) : 6,69,000 Rs.
Q2. Are the following entries CORRECT in ‘Section D – Information about deduction claimed’ of schedule CG?
In case of deduction u/s 54/54B/54D/54EC/54EE/54F/54G/54GA/115F give following details:
Section = section 54
Amount of Deduction = 6,69,000 Rs.
Cost of New Asset = 11,00,000 Rs.
Date of its acquisition = 07-Mar-2018
Amount deposited in Capital Gains Accounts Scheme = 0 Rs.
Regards,
Snehashish
I made a Long-term capital gain of 6.69 Lakh rupees in Oct 2017 by selling my very-old residential flat.
I also purchased a New Residential Flat for 11 Lakh rupees paid fully with registry on 07 Mar 2018.
I will file my tax return for FY 2017-18 in form ITR-2.
I will be filling LTCG section in Schedule CG of form ITR-2 to claim Deduction u/s 54.
I have two queries in this regard:
Q1. In section B Long-term capital gain (LTCG) section of schedule CG, which of the following entries will be CORRECT?
Deduction under section 54 (specify details in item D below) : 11,00,000 Rs.
Or
Deduction under section 54 (specify details in item D below) : 6,69,000 Rs.
Q2. Are the following entries CORRECT in ‘Section D – Information about deduction claimed’ of schedule CG?
In case of deduction u/s 54/54B/54D/54EC/54EE/54F/54G/54GA/115F give following details:
Section = section 54
Amount of Deduction = 6,69,000 Rs.
Cost of New Asset = 11,00,000 Rs.
Date of its acquisition = 07-Mar-2018
Amount deposited in Capital Gains Accounts Scheme = 0 Rs.
Regards,
Snehashish
09 May 2018
A1. 6,69000
A2. u r correct.
A2. u r correct.
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