I have sold a residential plot bought in 1998 in 2 financial years. one part in january 2018 and second part in april 2018. Out of total amount arising i bought one house in june 2018 to avail benefit of section 54F. Now my query is how to file itr.
1. Shall i file it in 2 different yearsfor 18-19 and 19-20 if so, then how will i show house purchased for last year capital gain (january 2018). However i bought house within 6 months from first sale.
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Long Term Capital Gain
Replies (9)
you will have to show capital gain for 2 different years.....
even the cost of acquisition shall be divided according to the size sold .......
in order to avail the benefit of 54F, you will have to
deposit the amount in the capital gain scheme account, where the money shall be allowed to be used only for such house purchase.
so, deposit the money in capital gain scheme account
even the cost of acquisition shall be divided according to the size sold .......
in order to avail the benefit of 54F, you will have to
deposit the amount in the capital gain scheme account, where the money shall be allowed to be used only for such house purchase.
so, deposit the money in capital gain scheme account
" Shall i file it in 2 different yearsfor 18-19 and 19-20"
Yes.
"if so, then how will i show house purchased for last year capital gain (january 2018)."
ITR utility has this facility for exemption claimed u/s. 54F.... along with date of investment.
you will need to show that you are going to purchase a house in next year and accordingly deposit the money in capital gain scheme account
consult with a tax professional or a CA for further details
consult with a tax professional or a CA for further details
Thank you Dhirajlal Sir. So I am safe no tax liability on me in this case.
unless money received from sale is deposited in the scheme
why to deposit money in scheme when i have already bought house with the money before filing of it return
same depends upon the fact that whether money was used before 31 march......
if so, no need to deposit , however if at 31 march, if money is with the assessee, he shall have to deposit
if so, no need to deposit , however if at 31 march, if money is with the assessee, he shall have to deposit
Thanks but i think here deadline of utilising money is not 31 march but the last date of filing your income tax return
even I didn't know it
thank you
thank you
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