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Capital gain on sale of land

08 September 2020

sold a land in the year 2013-14 , but not received land value and hence not filed ITR during 2013-14. Same amount received now during 2019-20. How to disclose the same now filing ITR and is there any penalty for disclosing the same now?

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Santosh Hegde (133 Points)
Replied 30 September 2020

Hello!,,

Capital gain arising on sale of a capital asset (Land in your case ) will be taxed in the year where actual sale took place.Since in your case though the land was transferred in 13/14 but the consideration received in the FY 19/20 so we can say that actual transfer took place in 19/20 since the title of the property transferred to the recipient in the said year.So agreement date will be immaterial here, so u can pay the capital gain tax in the AY 2020-21 only by filing the ITR.

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