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ITR for sales of property

08 May 2021

recently I hv sale my property
Total sales value is 55 lakh.
TDS deducted and paid by purchaser on 30th march-21
All payment received in APRIL-21
and MAY -21

my query is ---
how to file itr in this case ?

is it compulsory to file ITR filing of
f.y 20-21 ?

shd I file itr nill for f.y 20-21 ?

pls guide on this.

thank in advance.

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 08 May 2021

Capital gains will arise.
File ITR 2.
It is compulsory to file return

CMA Poornima Madhava (CMA) (13097 Points)
Replied 08 May 2021

1) If the registration was done in FY20-21, then capital gain is taxable in FY20-21 itself, else in the subsequent year.

2) If the income exceeds basic exemption limit, then you are required to compulsorily file ITR.

Lotus Agrawal (Practice) (1356 Points)
Replied 08 May 2021

Since tds is deducted u should file the return in FY 2020-21 to take its credit. further if sale date falls in FY 20-21 u have to show the income in the return of FY 20-21 itself. so u need to file the return.