MY FATHER SOLD THE HOUSE IN FY 17-18 (BOUGHT BEFORE 25YRS) AND RE-INVESTED IN CONSTRUCTION A NEW HOUSE IN THE SAME YEAR FROM JAN 2018.. AND TILL DATE THE EXPS OF CONSTRUCTION R BEING GOING ON. ALSO HE DEPOSITED THE WHOLE OF SALE CONSIDERATION IN CGAS IN THE FY 17-18.AND AS ON 31ST MARCH 2018, THERE IS SOME BALANCE IN THE CGAS NOW, WHILE FILING ITR2, HOW TO SHOW THE EXPS INCURED FROM APRIL 2018 AND WHETHER THE 31ST MARCH 2018 BALANCE IN CGAS IS TO BE TAKEN TO CALCULATE LTCG.
PLS CLARIFY
TNX for the clarification sir,
its clear that the amt in CGA totally exempted for 2 yrears, THEN, do i need to show the balance of around 9lacs (balance as on 31.3.18 in CGS) in the ITR 2,. if i show this amt, it is also getting autosumed as LTCG(IN total taxable income) along with the net LTCG ON IMMOVABLE PROPERTY OF RS.25LACS. SO THE TOTAL TAXABLE INCOME IS INCREASED BY 9 LACS.
KINDLY GUIDE.TNX
FN, TNX FOR THE REPLY SIR
YET, IN THE ITR2 form, its insisting to enter both the utilized and unutilized part of capital gain while validating the sheet.
CAclubindia
