Capital gain on immovable property & gift to a son

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I have been bought a house in 1986 for Rs. 90000/-. In 2015-2016 this house has sold in Rs. 30 lacs and the amount has received in my savings bank account. After sale within 5 days, I have purchased a flat of Rs. 30 lacs and paid the amount from my savings bank account.

 

I am a senior citizen, on the request to builder, the allotment letter of flat has made in the name of my son.

 

I have filed a manual Income Tax Return (ITR-1) by his own for the financial year 2015-2016 before the due date.

 

On the lack of knowledge, I forgot to show the transaction of sale & purchase of immovable property. I have only shown the income of my pension.

 

Issue -   There is no capital gain in this transaction because I have invested all the amount in immovable property. Shall I file the revise income tax return of the financial year 2015-2016 ? If filed, How to file the return (E-return or manually)?

 

Issue -   I want to gift this flat to my son. Builder has made the allotment letter directly in the name of my son. Is this procedure is to be treated as gift as per Income Tax Act, 1961? Otherwise firstly the allotment letter issued in my name & then transfer the flat in my son name ?

Replies (2)
Dear Sir,

1. First of all you need to Revise your Income tax return and will have to show your capital gains calculation.
2.
2. Even if Capital gains is exempt, it is necessary show capital gains working in your income tax return inorder to justify the sale amount of asset received in your savings account .

3. You can gift a immovable property to your son, there will be no taxation but a gift deed should be prepared, to safe guard the interest of your son in future.

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