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 ?