Long term capital gain

192 views 6 replies
User Avatar

31 Points Joined July 2018
Hi can I sell my house in city and construct a house in my village on land which is converted to residential to avoid long term capital gain. will it be okay.
0 Reply Share Follow
On 10 July 2018 at 21:33 Report
Replies (6)
User Avatar

Practice
3235 Points Joined August 2009
yes you can take exemption under section 54
Reply
On 10 July 2018 at 22:13
User Avatar

31 Points Joined July 2018
Thanks sir. Also sir my income is nil and i have invested all capital gain amount in same year. do I still need to file ITR return
Reply
On 10 July 2018 at 22:18
User Avatar

Practice
4510 Points Joined July 2017
Originally posted by : Anita Deshwal
Thanks sir. Also sir my income is nil and i have invested all capital gain amount in same year. do I still need to file ITR return

Yes 
You are required to Filed return 

Reply
On 10 July 2018 at 22:19
User Avatar

Practice
3235 Points Joined August 2009
yes filing of itr means you are declaring the transaction done by you in the FY to the department ... now it is good for you that you with in law framed did tax planning and exempt yourself from being taxed..
Reply
On 10 July 2018 at 22:20
User Avatar

31 Points Joined July 2018
Thank you sir but in case I do not file will IT dept cancel benefit of section 54 or it will still be there.
Reply
On 10 July 2018 at 22:32
User Avatar

CHARTERED ACCOUNTANT
241 Points Joined March 2013

IF YOU WILL NOT FILE YOUR RETURN, THEN EXEMPTION UNDER SEC 54 WILL NOT AVAILABLE TO YOU.

IT IS MANDATORY TO FILE RETURN.

AND ALSO YOU HAVE TO DEPOSIT CAPITAL GAIN RECEIPTS IN NATIONALIZED BANK ACCOUNT ON OR BEFORE 31ST JULY i.e. DUE DATE TO FILE IT RETURN.

IF YOU FAIL TO DEPOSIT THE SAME YOUR EXEMPTION WILL BE WITHDRAWN

Reply
On 12 July 2018 at 12:08


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading