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Capital transaction

vijay singla (learner) (340 Points)

20 March 2015

Capital transaction in itr being a individual if i have sold a building or land and there is no capital gain/loss in the transaction .pls advise whether same is need to be shown in the income tax return and where ? Y

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sesha (accounts executive) (1101 Points)
Replied 20 March 2015

if it sold uwant shown on individual it return it should on the income from capital gain orloss a/c,if thevalue of property ismorethan 50lakhs oppositeparty want deduct 1% tdson valueof propertyonly if u land is agricultural land then exemptionwill be applied,otherwise income tax officials arise how questions income arises onsold ofland without showingon itr returns,ifthe property is in assesseename itcan beshown it is mandatory toshow capitalgain/loss whether asset uhave orsol d it out