mohan (kj) (15 Points)
24 July 2018Invested 10L in property in August 2013. Sold in July 17 for 36L. Using the proceeds to invest 45L another property in the same year.
How to show this in the current ITR-3
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(196198 Points)
Replied 24 July 2018
For claiming any exemption u/s 54/54F, whatever amount not utilized in purchase of new house property, is required to be deposited in CGSS account of any authorised bank; & the same details are required to be filled in Schedule CG of ITR 2/3.
mohan
(kj)
(15 Points)
Replied 24 July 2018
As I said, all the amount was utilized in purchasing new asset. The problems is - how to show this on the balance sheet? Since the asset side would go up, how to balance it on the sources of funds side?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(196198 Points)
Replied 24 July 2018
My dear; you sold property for 36 lakhs
& purchased new property for 45 lakhs....... Did you pay full amount of 45 lakhs? or anything is still payable?
If paid full amount,then from where you invested additional 9 lakhs?
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