banner_ad

How to show income from sale of vacant plot in it return

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 April 2014 On 30 April 2012, I bought a vacant plot of land in Khardah municipality of West Bengal for Rs 4,40,000 and also paid around Rs 26,000 for stamp duty.
The market value of the plot was assessed at Rs 4,40,000.
Though I wanted to construct a house on the plot, for some reasons I had to sell the plot on 12 February 2014 for Rs 5,00,000 (within 1 year & 10 months).

I want to show the gain of Rs 34,000 in my IT return for AY 2013-14.
I use Form ITR-2 for filing the return.
Are the following correct:
1. Do I have to show it under 'Short-Term Capital Gains' in the section 3 for 'From assets in case of Others where section 111A is NOT applicable'?
2. Do I show Rs 500000 as the 'Full value of consideration' in this section?
3. Do I show Rs 466000 (440000+26000) as the 'Cost of acquisition' in the same section?
4. Under section D 'Information about accrual/receipt of capital gain' do I show the gain of Rs 34000 in 'STCG OTH' column against Date '16/12 to 15/3' i.e Dec to Mar ?

Thanks in advance
Profile Image

Nikhil Kaushik

Profile Image

Nikhil Kaushik (Expert)
09 April 2014 1. yes

2. yes

3. yes

4. yes
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details