Sold property US 194IA

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A client sold a residential property for £650,000 in July 2023, deducting TDS under Section 194IA. They subsequently purchased another property for £1.2 million. The question is how to correctly declare this in their Income Tax Return (ITR), specifically regarding claiming a Section 54 deduction for the new purchase against the capital gains, even though all transactions were made from a savings account. The deduction can be claimed if the new property was purchased before filing the ITR.

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(Querist)
29 July 2024 Sir one of my client sold his residential property to Builder (65L) in july 2023 and he deduct tds US 194IA and after couple of month his purchase another residential property (1.2cr)
he has done all transaction of sale and purchase from saving account
now please suggest how to make entry in ITR
please do as soon as possible
regards
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 July 2024 Declare the sell of property in LTCG of Schedule CG and claim deduction u/s. 54 against the LTCG by declaring the investment in new HP.
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VIKAS KUMAR SHARMA

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VIKAS KUMAR SHARMA (Querist)
29 July 2024 but he didn't have capital gain account in bank, he used saving bank only
can we claim deduction of section 54 in above condition?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 July 2024 Yes, if he purchased the new HP before filing his relevant ITR.
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