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ITR for sales of property

Others 300 views 5 replies
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.
Replies (5)
Capital gains will arise.
File ITR 2.
It is compulsory to file return

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.

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.
Capital gain arise for FY 20-21, file your return
Agreed


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