Query regarding deduction u/s 54 in itr-2
This query is : Resolved
27 May 2018
Hi,
I sold my old residential Flat in October 2017, date of registry being 18-October-2017. I made a Long-term Capital Gain of Rs 6.69 Lakhs from the sale.
Thereafter I also purchased a new residential Flat in March 2018, date of registry being 07-March-2018. I bought the Flat for Rs 11 Lakhs.
I will be claiming deduction under Section 54 against my capital gains for FY 2017-18 (AY 2018-19) in Schedule CG of Form ITR-2.
Schedule CG of the new ITR-2 for AY 2018-19 asks for the ‘Date of transfer of original asset’, ‘Cost of new residential house’ and ‘Date of purchase/construction of new residential house’ in case of deduction claimed under section 54.
I have the following 3 questions:
Q1. Will it be CORRECT if for the ‘Date of transfer of original asset’, I enter the date 18-October-2017 ?
Q2. Will it be CORRECT if for the ‘Cost of new residential house’, I enter Rs. 11 Lakhs ?
Q3. Will it be CORRECT if for the ‘Date of purchase/construction of new residential house’, I enter the date 07-March-2018 ?
Regards,
Snehashish.
I sold my old residential Flat in October 2017, date of registry being 18-October-2017. I made a Long-term Capital Gain of Rs 6.69 Lakhs from the sale.
Thereafter I also purchased a new residential Flat in March 2018, date of registry being 07-March-2018. I bought the Flat for Rs 11 Lakhs.
I will be claiming deduction under Section 54 against my capital gains for FY 2017-18 (AY 2018-19) in Schedule CG of Form ITR-2.
Schedule CG of the new ITR-2 for AY 2018-19 asks for the ‘Date of transfer of original asset’, ‘Cost of new residential house’ and ‘Date of purchase/construction of new residential house’ in case of deduction claimed under section 54.
I have the following 3 questions:
Q1. Will it be CORRECT if for the ‘Date of transfer of original asset’, I enter the date 18-October-2017 ?
Q2. Will it be CORRECT if for the ‘Cost of new residential house’, I enter Rs. 11 Lakhs ?
Q3. Will it be CORRECT if for the ‘Date of purchase/construction of new residential house’, I enter the date 07-March-2018 ?
Regards,
Snehashish.
28 May 2018
yes. that would be the disclosures to be made.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Multiple trade mark
- Value of property in capital gain
- Copyright software
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
