Hi All,
Recently I sold one flat and bought another flat using the proceeds of the first flat sale. My query is - which ITR form should I use for filing my returns for FY2010-11 to show this transaction. Also kindly let me know if there are any tax implications on the first flat sale if the proceeds are invested in the second flat?
Regards,
Ravi
in your case section 54 applies... you sold your old property and you invetsed in new house property you will get exemption u/s 54 of income tax act...please refer such section... and if you have only capital gain you need to fill ITR-2
if your main source of income is other than business, then ITR2, in case of business income ITR 4
Thanks for the replies.
I want to do e-filing. In this case, can I show the house property sell and new house property buy transaction somewhere in the e-filing process? If yes, please guide me in which section of ITR-2 I need to do the same.
Regards,
Ravi
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