Effective date for ltgc
This query is : Resolved
04 October 2014
1. I sold a Plot for Rs. 10,40,000/- Lac on 7.3. 2014, which I had purchased for Rs 64,000/- on 2/7/1998.
2. I purchases a flat, in the name of my wife, for which I paid full amount of Rs 32,00,000/- on 14.03.2014. I took possession of flat on 19.06.2014, but its Registry is not yet done. Registry is expected by 31.03.2015.
3. I sold a house, for Rs 25,00,000/- on 29.09.2014, which I had purchases for Rs 8,00,000/- on 28.04.2006.
4. I have never reported any purchase/sale in my Income Tax Return.
Kindly give your expert advice on the following points.
1. Whether the 2 transactions carried out in March, 2014 should have been reported by me in my last IT Return which I filed in July, 2014 or nor? If, yes, what is the way out now?
2. LTCG’s in the two sales I have done.
3. Whether the purchase of flat made by me neutralizes all these LTCGs or not? If not, what should I do to save Tax.
2. I purchases a flat, in the name of my wife, for which I paid full amount of Rs 32,00,000/- on 14.03.2014. I took possession of flat on 19.06.2014, but its Registry is not yet done. Registry is expected by 31.03.2015.
3. I sold a house, for Rs 25,00,000/- on 29.09.2014, which I had purchases for Rs 8,00,000/- on 28.04.2006.
4. I have never reported any purchase/sale in my Income Tax Return.
Kindly give your expert advice on the following points.
1. Whether the 2 transactions carried out in March, 2014 should have been reported by me in my last IT Return which I filed in July, 2014 or nor? If, yes, what is the way out now?
2. LTCG’s in the two sales I have done.
3. Whether the purchase of flat made by me neutralizes all these LTCGs or not? If not, what should I do to save Tax.
Nikhil Kaushik
(Expert)
04 October 2014
The first sale should have been reported in AY 2014-15 return.
The second sale is to be reported in AY 2015-16 return.
With regards to the house you purchased, ensure that the registry is done before 7 March 2015.
Engage a CA to help you wish filing revised return in case you are not sure..
The second sale is to be reported in AY 2015-16 return.
With regards to the house you purchased, ensure that the registry is done before 7 March 2015.
Engage a CA to help you wish filing revised return in case you are not sure..
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04 October 2014
Thanx sir for your informative reply. I have deposited the sale proceeds of first sale in LTCA. How to do now?
04 October 2014
Thanx sir for your informative reply. I have NOT deposited the sale proceeds of first sale in LTCA. How to do now?
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