ITR Form And How to show Sale of Plot

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Amit kumar (Querist)
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20 December 2021 My father is senior citizen having consultancy income, Interest income, Pension Income and in FY 20-21 sold a piece of Land 50 Sq. Ft. and construction remaining area from 250 sq ft in the same FY. Sold value is Rs. 28,00,000/- and that was purchased our great grand father.

So, My question is which ITR form to be filed for same FY 20-21 return and how will show this plot selling value and construction. Please advice at the earliest.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 December 2021 File ITR 3.
Sale of land & constructed property under Capital Gain based on Circle rate as on 01.04.2001.

Amit kumar

Amit kumar (Querist)
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24 December 2021 Means indexation for capital gain will be calculated on circle rate as on 01.04.2001.
Because we have no purchase value as this piece of land purchased by our great grand father.
And constructed remaining area with the money received from sale. Please clarify again sir how should I show in ITR-3 schedule

Amit kumar

Amit kumar (Querist)
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24 December 2021 Area-50 Gaj, sale Value-28 Lac, Colony-Basai Darapur, Delhi, MCD Category-G, Sale Date-Sep 2020, Stamp Duty-Rs. 77,500. Now please calculate the capital gain, I want to cross verify my calculation. Please help

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 December 2021 Give more details about construction. Whether the same is sold along with the plot, as residential unit?
If yes, when was the house constructed?

Amit kumar

Amit kumar (Querist)
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24 December 2021 Total Plot size 250 Gaj and 50 Gaj sold. Remaining 200 gaj constructed at the same time (FY 2020-21, still undergoing) as residential unit for own use .

Amit kumar

Amit kumar (Querist)
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24 December 2021 And 50 Gaj was sold with old residential house and it was constructed in 1971

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 December 2021 Considering residential house with land area 50 Gaj, sold for 28 lakhs in FY 2020-21.
Get the Governmental value of the property sold as on 01.04.2001, from sub-registrar or any Governmental approved valuer.
Assuming it to be say 5 lakhs.
Index it to FY 202021... Rs. 15.05 lakhs.
So, LTCG will be around 13 lakhs (reduce it to any expenditure attached to sale proceeds)
This amount can be claimed as exemption u/s. 54 in ITR, by your father for house property constructed on the remaining plot. (provided balance amount deposited in CGAS, 1988 acc. before filing return)

Amit kumar

Amit kumar (Querist)
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24 December 2021 Thank you so much sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 December 2021 My Pleasure..

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