Show capital gain details (out of sold flat) in F.Y. 2021-22 in the next A.Y.2023-24

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A client sold a flat in FY 2021-22 and invested the capital gains in NHAI bonds to save tax. They plan to file their income tax return for AY 2022-23 late. The question is whether the capital gains from the flat sale can be declared in the subsequent AY 2023-24, or if it must be declared in AY 2022-23. The consensus is that the transaction should be declared in AY 2022-23, and the return can be revised if necessary.

LIMPA CHAKRABORTY

LIMPA CHAKRABORTY (Querist)
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11 August 2022 My client will submit his return of income for the A.Y. 2022-23 shortly per u/s 139(4). Can he revise said return u/s 139(5) later? He sold his house property on 19.04.2021 (F.Y.2021-22) and to save tax, the capital gain amount invested in NHAI 100%. Can he furnish his said transaction details in ITR for the next A.Y. 2023-24?. Regards, Limpa Chakraborty

LIMPA CHAKRABORTY

LIMPA CHAKRABORTY (Querist)
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11 August 2022 Kindly send me your valuable reply. Regards, Limpa Chakraborty