Kindly advise me the tax implication for me on the following:
I sold my residential property in Jan'14, the property was purchased by me in 1996. the proceeds against the sale of the property was deposited in my bank through RGTS transfer and a cheque. with the proceeds and my own savings I purchased a new residential flat in Feb'14 at much higher rate (2 times). I do not have any other house except the new house which was registered in Mar'14. the property was in south, whereas my income is from Delhi.
Till now I am filing ITR-1 as a salaried person. Do I have to file ITR-2 considering capital gain. I was also told that the sale proceeds should be deposited in capital gain a/c in the bank which I did not.
How to avail tax benefit for the capital gains under section 54.
thanks
babu
CAclubindia
