Long term capital gains- tax filing
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 August 2018
Hello,
I have sold one flat for 49 lacs in Feb 2018. This was purchased in 2007. Further have sold another flat in May 2018 for RS. 75 lacs which was purchased in 2011. With the collective proceeds have purchased one flat for my self use.
Have query on filing of return. Should I combine sales proceeds of both flats and show it in the tax return for AY 2018-19? Or should I only consider first flat since it was sold before March 2018 and take exemption under 54 for part amount invested in buying flat and then next year consider second flat proceeds and take exemption under 54 for Bal investment of proceeds.
Request for your help.
I have sold one flat for 49 lacs in Feb 2018. This was purchased in 2007. Further have sold another flat in May 2018 for RS. 75 lacs which was purchased in 2011. With the collective proceeds have purchased one flat for my self use.
Have query on filing of return. Should I combine sales proceeds of both flats and show it in the tax return for AY 2018-19? Or should I only consider first flat since it was sold before March 2018 and take exemption under 54 for part amount invested in buying flat and then next year consider second flat proceeds and take exemption under 54 for Bal investment of proceeds.
Request for your help.
K Srinivas, CMA CS
(Expert)
01 September 2018
consider only the first sale of house in the PY 2017-18 ITR as the transaction was done before 31 March 2018.
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