Menu
Income tax Return of sold House Property
My uncle has sold his House property to my sister In Rs 3150000/-in F.y 2021-22 his income of Capital and other income as under income tax limit so which his Due date of Income tax return? This includes in SFT Transaction? please guide me.
Replies (17)
Quick Summary
31st July is the deadline unless extended
Since the transaction value / stamp duty value is more than Rs. 30 lakhs, it will be reported as SFT by the specified authority.
31st July is the deadline for ITR filing in your case unless extended.
It may be included in SFT.
But there are court cases where the GTI is less then BEL then ITR filing is not required even in the cases of capital gains.
It may be included in SFT.
But there are court cases where the GTI is less then BEL then ITR filing is not required even in the cases of capital gains.
There is no point in sft
Try to file ITR just to avoid notices
Your transaction covered under SFT code 012 and the concerned SRO will furnish the details of your transaction. when your total income (sum of all 5 heads) exceeds the maximum amount not chargeable to tax, then you are liable to file ITR. if you have failed to file, definitely your case will be flagged as high potential tax risk cases and ultimately assessed under section 147. so better file ITR asap
Use ITR-2 and fill the details of capital gain and other income and file ITR
File return as per deadline and as per norms.
Number of notices are received by tax payers based on SFT for past years like 147A and 148 notices .
You may file it and if you don't file it then keep the supporting court judgements which are relevant you
You may file it and if you don't file it then keep the supporting court judgements which are relevant you
how come CG is lesser than the exemption limit? if 3150000 rs NSC
Sale value :
(-) Indexed Cost of Acquisition
This can be even negative.
Queriest has clearly told income is below exemption limit.
Sale value is not income . Sale - purchase price with inflation is the capital gain .
(-) Indexed Cost of Acquisition
This can be even negative.
Queriest has clearly told income is below exemption limit.
Sale value is not income . Sale - purchase price with inflation is the capital gain .
Capital gain to be separately reported.
If capital gain is the only source of income and if it is less than BEL , then ?
If there is only capital gain and income is beliw BEL, then no tax will be levied.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
