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Capital gains tax on property

Tax queries 484 views 2 replies

I have two queries  1. I sold a land in 2013 the proceeds I used to pay installment for a apartment I am purchasing. I have registered UDS for the apartment but will be getting pocession only in Aug 2014. Should I mention the sale in this years tax return? If so which column how? 2. I have redeemed MF's, Equities, and FD's to fund the new apartment purchase. All Long term capital gains. All transactions via bank account and fund transfer only. Where do I mention the new purchase and will the IT department query regarding funds? Can I mention the capital gains in the exempted column? thanks

 

Replies (2)

question 1:

You have to mention in return of financial year 2013-14 only and no need to shown next year return.

 

question 2

* income tax department may ask source of funds if transaction amount is 30 lac or more

* for mentioning all the facts in ITR there is one capital gain section where you can mention.

*. you have show all the calculation of sale and purchase of new house and than show capital gain exempt u/s 54 F and tax liablity is nil

First compute the long term capital gain. Only the long term capital gain has to be invested to avail exemption and not the entire sale proceeds.


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